Stan Kroenke, the owner of the Los Angeles Rams, has entered into an agreement to purchase the Los Angeles Angels of Anaheim. This acquisition marks the end of Arte Moreno's 23-year tenure as the team’s proprietor. For more than two decades, Moreno led the Angels organization, a period that saw the franchise deeply embedded in the cultural and sporting life of Orange County, including for residents of Irvine.
The acquisition will see the Angels become part of Kroenke Sports and Entertainment, Mr. Kroenke’s company. The LA Times has reported this detail, highlighting the expansion of a significant sports ownership group. Kroenke Sports and Entertainment is recognized for its broad presence in professional athletics, as it owns several other established sports franchises. This extensive experience in managing diverse sports entities suggests a consistent approach to large-scale sports operations. The terms of the sale, including the specific purchase price, have not been publicly disclosed by either party involved in the transaction. However, the Business Journal, in its July report, estimated the value of the Angels franchise to be $3.3 billion. This valuation provides a public benchmark against which the private transaction can be considered, indicating the substantial financial scale of professional sports team ownership in today’s market.
Arte Moreno’s leadership of the Angels began in 2003 when he acquired the team from the Walt Disney Company for $183.5 million. His purchase was notable for several reasons, including its timing, occurring just a year after the team had celebrated its first World Series victory. More significantly, Moreno's acquisition made him Major League Baseball’s first Latino owner, a groundbreaking moment in the sport's history that resonated beyond the confines of the baseball diamond. During his 23 years at the helm, Moreno oversaw the team through numerous seasons, solidifying its presence as a key professional sports entity in Southern California. The longevity of his ownership provided a consistent leadership presence for the franchise for over two decades.
The shift in ownership from Arte Moreno to Stan Kroenke represents a significant change for the Angels and their operations. With Kroenke Sports and Entertainment adding the Angels to its holdings, the team joins a portfolio of professional sports organizations managed by a single entity. This move ensures the team remains under experienced, large-scale ownership. Irvine residents, like others across Orange County, have long followed the Angels, making changes in the team's leadership a matter of local interest. The team's presence, though not directly within Irvine's city limits, contributes to the regional identity and entertainment options available to residents. The details of this transaction and its broader implications are expected to be further elaborated in the Sept. 7 issue of the Business Journal, offering additional insights into the future direction of the Angels under their new ownership.