In an abrupt end to his longtime ownership of the Los Angeles Angels, Arte Moreno has agreed to sell the MLB franchise to Los Angeles Rams owner Stan Kroenke at what league sources said was a record-setting valuation of $4 billion.

Kroenke will purchase a controlling stake in the Angels through his holding company, Kroenke Sports and Entertainment, which announced the deal in a release Tuesday. In addition to the Rams, the billionaire’s portfolio of sports teams includes the Denver Nuggets of the NBA, the Colorado Avalanche of the NHL, the Colorado Rapids of MLS and Arsenal of the Premier League. KSE hopes to close the purchase in the first quarter of 2027, pending MLB owners’ approval.

The valuation was told to The Athletic by league sources who spoke on the condition of anonymity to candidly discuss the sale.

“The Angels are a storied franchise anchored in a great market,” Kroenke said in the statement. “We look forward to an exciting future with the Angels organization.”

Moreno, 80, began exploring a potential sale in 2022 before he pulled the Angels off the market the following year. In April, José E. Feliciano and Kwanza Jones agreed to purchase a controlling stake in the San Diego Padres at a $3.9 billion valuation, breaking the previous MLB record established in 2020 when Steve Cohen bought the New York Mets for $2.4 billion. The Padres deal closed last month, resetting the market for franchise sales in baseball.

Why Angels fans should be rejoicing after the team is sold

Andy McCullough

Moreno became MLB’s first Latino majority owner when he bought the then-Anaheim Angels for $184 million in 2003, soon after the franchise won its first and only World Series title. Spending heavily on star talent, the Angels went on to win the American League West five times from 2004 to 2009. The team also remained a box-office success, drawing more than 3 million fans annually from 2003 to 2019.

Since 2010, however, the Angels have reached the postseason only once, wasting Mike Trout and Shohei Ohtani American League MVP campaigns while attracting criticism for Moreno’s level of involvement in baseball operations. In June, Moreno fired general manager Perry Minasian amid an 11th consecutive losing season, and replaced him on an interim basis with former St. Louis Cardinals president of baseball operations John Mozeliak.

“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,” Moreno said in a statement. “The Angels organization looks forward to continuing its commitment to the fans, our employees, the players and our business partners.”

Kroenke, 79, became the Rams’ majority owner in 2010, moved them back to Los Angeles in 2016 and opened SoFi Stadium in Inglewood, Calif., in 2020. Under his ownership, the Rams, Nuggets and Avalanche have combined to win five championships. The most recent came in 2023 when the Nuggets lifted the Larry O’Brien Trophy. Arsenal won the English Premier League title in May.