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.
The Angels have been on the market for some time. Businessman Arte Moreno 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 the lack of investment in the team.
“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 team came off an improbable World Series run, Moreno bought the team for about $185 million at a time when Disney was looking to shed non-core assets to focus on its core studio and theme park operations.