Kroenke Sports and Entertainment has acquired a majority stake in the Los Angeles Angels of Anaheim, adding a Major League Baseball franchise to a list of sports assets that includes the Los Angeles Rams, Denver Nuggets and Colorado Avalanche.
Financial details of the deal were not immediately clear. Kroenke Sports is acquiring a majority interest from longtime owner Arte Moreno in a deal that should be completed in the first quarter of next year, pending approval from Major League Baseball.
The Angels have been on the market for some time. Moreno, the former owner of outdoor advertising giant Outdoor Systems, acquired the team from Disney in 2003.
With the Kroenke deal, the Angels will plug into a much larger sports and media ecosystem that should benefit the team that has always played down the road in Orange County in the shadow of the region’s beloved Los Angeles Dodgers franchise.
“The Angels are a storied franchise anchored in a great market. We look forward to an exciting future with the Angels organization,” said E. Stanley Kroenke, owner and chairman of Kroenke Sports & Entertainment.
Moreno’s regime has run afoul of many fans who complain about a lack of investment in the team. Moreno first initiated a sale process for the team in 2022.
“The Angels Organization is pleased to announce this transaction with Kroenke Sports & Entertainment. The Moreno Family has been honored to steward the Angels for 23 years and we believe with KSE’s experience and success they are the best next owner for the franchise. The Angels Organization looks forward to continuing its commitment to the fans, our employees, the players and our business partners,” Moreno said in a statement.
In 2003, as the Angels came off an improbable World Series win in 2002, Moreno bought the team for about $185 million. At the time Disney was looking to shed non-core assets to focus on its core studio and theme park operations.
Kroenke Sports noted that its considerable footprint in Southern California sports includes not only the Rams but SoFi Stadium and the 300-acre Hollywood Park district in Inglewood, Calif. The goal is to turn the area into a sports and entertainment corridor that will host Olympic and Paralympic events in 2028.