Kroenke Sports and Entertainment has acquired a majority stake in the Los Angeles Angels, 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 disclosed. Sportico, Variety‘s sibling outlet, pegged the pricetag at about $4 billion, a slight increase from the $3.9 billion commanded earlier this year by the San Diego Padres baseball team. 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.
