Kroenke Sports & Entertainment announces agreement to buy Angels

Kroenke Sports & Entertainment announced Tuesday that it has reached an agreement to acquire the Los Angeles Angels.

In a news release, the ownership group said the deal with the Moreno family is expected to close early next year. The transaction would require approval from Major League Baseball and mark the end of more than two decades of Moreno family ownership.

Stream Los Angeles News for free, 24/7, wherever you are.

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

The purchase price was not announced. Forbes valued the Angels at $2.8 billion in March.

The Kroenke group also owns the Los Angeles Rams and developed SoFi Stadium and surrounding property in Inglewood. His holding company also owns the NBA’s Denver Nuggets, the NHL’s Colorado Avalanche, the Colorado Rapids of MLS and English Premiere League champions Arsenal.

‘Elated and relieved’ family of Tupac Shakur releases statement

UCLA ousts athletic director Martin Jarmond, taps former Lakers executive Tim Harris to replace him

The deal would transfer ownership of a team that has struggled for more than a decade, leading to calls from fans to sell. Arte Moreno, an outdoor advertising mogul from Arizona and MLB’s first Latino owner, originally bought the Angels from the Walt Disney Company in 2003, shortly after the Anaheim-based franchise won its only Word Series.

“The Angels Organization is pleased to announce this transaction with Kroenke Sports & Entertainment,” Arte Moreno said in a statement. “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.”

The team’s last playoff appearance was 2014. The Angels are 53-85 entering Tuesday, 17 games behind front-running Houston and tied for last place in the American League West with the Athletics.

After Moreno bought the team in 2003, the Angels appeared headed in the right direction. The team won five AL West titles and two AL Divisional Series between 2005 and 2009 before a dramatic decline, despite the presence of multi-time MVP winners Shohei Ohtani and Mike Trout.

In August 2022, Moreno said he planned to explore a possible sale, but announced a reversal months later.

The team has finished last in the AL West in two consecutive seasons and hasn’t finished above .500 since 2015.