Citing “unfinished business,” Los Angeles Angels owner Arte Moreno decided his team was no longer for sale, a change of heart that shocked the industry and surprised many across the organization.
On Monday afternoon, five months after plans were essentially announced to move forward, Moreno issued a 132-word statement which is partly:[A]Discussions progressed and took shape and we realized that our hearts remain with the angels and we are not willing to part with the fans, players and our staff.”
Moreno, 76, bought the Angels from the Walt Disney Company for $183.5 million in 2003, the year after the first and only championship in franchise history, and watched the team soar in value in the years that followed . Forbes valued the angels at $2.2 billion in March 2022. Potential net sales have been widely estimated at approximately $2.5 billion. Golden State Warriors majority owner Joe Lacob and Los Angeles Times owner Patrick Soon-Shiong are said to be among those interested, with a sale expected in the coming months.
But a source familiar with Moreno’s thinking said that as the process dragged on and a possible sale entered the later stages, it became increasingly difficult for Moreno to let go of the franchise he had managed for two decades. It’s also possible that potential buyers didn’t meet Moreno’s asking price, although the source has denied that idea.
In a statement, Major League Baseball Commissioner Rob Manfred wrote, “Despite the buyer’s strong interest in the Angels, what matters most to him is Arte Moreno’s love of the game. I am delighted that the Moreno family has decided to continue owning the team. “
On August 22, Moreno revealed the team had hired financial advisors from Galatioto Sports Partners to help with a potential sale. Although originally described as scouting in nature, the perception throughout the sport was that the Angels would in fact be sold. Moreno said as much as part of his statement, writing: “Now is the time.”
A little over three months later, during the MLB Winter Meetings in San Diego, Manfred made it seem like the process was moving forward, saying there were “multiple parties in the data room” — where interested buyers could take a closer look at the Team finances – adding that “the club would like to complete the sale before opening day”. Since then, potential buyers have been given stadium rides, a source said. However, it is unknown if any official offers have been heard.
The 2023 season will be Moreno’s 21st as the Angels’ owner. It’s not certain how long he’ll keep the franchise, or if any of his three children will eventually change their minds and be interested in filling in his footsteps.
“During this process it has become clear that we have unfinished business and we feel we can have a positive impact on the future of the team and the fan experience,” Moreno wrote in his statement. “This season, we’re committed to awarding franchise-record player salaries while still meeting our goal of bringing the World Series back to our fans. We look forward to the next chapter of Angels Baseball.”
Moreno, the first Hispanic owner of a major sports team in the United States, immediately gained credibility with his acquisition. He slashed beer prices, signed Vladimir Guerrero and Bartolo Colon, and watched the Angels embark on a five-title, six-year streak under Mike Sciocia from 2004-2009.
But the Angels have only made it into the postseason once since then. In this area, Moreno has come under increasing criticism for failing to base a successful product on the transcendent talents of Mike Forelle and Shuhei Ohtani. Moreno has come under attack for not investing enough in scouting and player development, not committing enough financial resources to put the Angels on par with other analytically-minded franchises, and not exceeding a luxury tax threshold to make up for deficiencies in those areas.
In recent years, under Moreno’s leadership, the Angels have also become the face of more publicized issues regarding the treatment of minor league players and the withholding of bonuses in the international market. The biggest black mark, however, was the 2019 death of young pitcher Tyler Skaggs from an overdose, which led to a 22-year sentence for Eric Kay, a longtime member of the team’s public relations department. A wrongful death lawsuit over the death of Skaggs is pending among other court cases.
Moreno has been driving off-season payroll, allowing general manager Perry Minassian to spend money on a number of experienced players — via trade and free agency — who would help deepen the roster while chasing a post-season berth. The Angels also decided not to trade Ohtani in his year as a free agent in order to at least get an outside opportunity to extend it.
Opened in 1966, Angel Stadium is the fourth oldest in the major leagues and is in dire need of a major renovation. Moreno twice negotiated deals with the city of Anaheim to buy a football stadium and land around it that later collapsed, most recently an FBI investigation into the former Anaheim mayor.
But Angel Stadium’s proximity to major freeways and amusement parks, and the prospect of building something around it, was seen as enticing to potential owners. So did the Angels’ thematic media rights deal, a 20-year, $3 billion deal with Fox that took effect during the 2012 season. These factors, along with the rarity of owning a Southern California baseball franchise, have led some to speculate Angels may sell for as much as $3 billion.
Such speculations are no longer necessary.
