Another California Sports Team Sold As Stan Kroenke Cuts Deal to Buy Los Angeles Angels

Another southern California sports team is being sold, with the Los Angeles Angels set to sell a majority stake to real estate and sports mogul Stan Kroenke, the team said Tuesday.

Kroenke will buy the Angeles from Arte Moreno in a deal valued at more than $3.9 billion, per ESPN, a price consistent with the sale of the San Diego Padres earlier this year. Moreno, of course, purchased the Angeles from The Walt Disney Co. in 2003 for less than $200 million.

Kroenke, a real estate magnate, has become one of the biggest owners in all of sports. He moved the NFL’s Rams back to Los Angeles, where he developed the SoFi Stadium complex where they play. He also owns the NBA’s Denver Nuggets, the NHL’s Colorado Avalanche, the Colorado Rapids of MLS and Arsenal F.C. of the U.K.’s Premier League. The Angels will give his holding company teams in every major U.S. sports league, and in a prime southern California market no less (even if the Angeles are second fiddle to the Los Angeles Dodgers).

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

“The Angels organization is pleased to announce this transaction with Kroenke Sports & Entertainment,” Moreno added. “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.”

Kroenke’s deal for the Angels comes just weeks after L.A.’s flagship NBA team, the Lakers, sold to Bob Iger and Josh Kushner in a record-breaking $12.5 billion deal. Kushner and Iger are buying the Lakers from Mark Walter, who also owns the Dodgers.