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LA Angels owner Arte Moreno has announced that he is exploring the sale of the club. (Photo by … [+]
Icon Sportswire via Getty Images
In a bombshell on Tuesday, the Los Angeles Angels announced that they were exploring the sale of the club. If it comes to fruition, the headline price should exceed the most recent Forbes valuation.
“Although this difficult decision was entirely our choice and deserved a great deal of thoughtful consideration, my family and I have ultimately come to the conclusion that now is the time,” said owner Arte Moreno in a statement by the club. “Throughout this process, we will continue to run the franchise in the best interest of our fans, employees, players, and business partners.”
The Angels have retained GalaGALA
tioto Sports Partners as their financial advisor for the process of exploring the sale and said they will not have any additional comments during this time.
Moreno purchased the Angels in 2003 for a headline price of $183.5 million, or $295.5 million when adjusted for inflation. In the most recent Forbes valuation of the 30 clubs in MLB, the Angels ranked 9th with a value of $2.2 billion.
Should the club ultimately be sold within the next year, the sale price should not only exceed the $2.2 billion valuation but easily top $2.5 billion and possibly approach something closer to $3 billion.
Moreno said in his statement through the club that the Angels have fielded “competitive lineups which included some of the game’s all-time greatest players.” The latter is true, the former is not.
Truth be known, the Angels have not had competitive line-ups. Moreno, one of the league’s most hands-on owners has had the team not make the playoffs since 2014 and is currently fourth in the AL West. But one piece that should make the sale enticing would be piecing together a roster to support superstars Mike Trout and Shohei Ohtani.
By most every measure, the Angels have been a depressed asset capable of being a jewel to showcase top player talent. Moreno has tinkered only to have the team suffer in the standings through more than one general manager.
Moreno was also one of the league’s biggest hawks during the bargaining sessions for the latest labor agreement with the players. As the lockout by the owners stretched to 99 days, Moreno was one of the most vocal owners on holding the Luxury Tax thresholds down, even as the Angels enjoy sharing the second-largest market in the U.S. with the Dodgers.
Part of Moreno’s calculus has to involve the inability to finalize a deal for development around Angels Stadium. The city council was on the verge of a $320 million sale of the stadium and additional land surrounding the ballpark for development when it was discovered that Anaheim Mayor Harry Sidhu was involved in questionable practices that involved sharing information with the Angels over the possible sale. Sidhu resigned when it was revealed that he accepted campaign contributions in exchange for support of the project. Once that occurred, the city council backed out of the deal for Moreno and the Angels.
Deeper pockets may be able to resurrect the deal Moreno has been seeking. Should the deal be reached it would dramatically escalate the value of the club given the external non-baseball related revenues with the surrounding development capability.In a bombshell on Tuesday, the Los Angeles Angels announced that they were exploring the sale of the club. If it comes to fruition, the headline price should exceed the most recent Forbes valuation.
“Although this difficult decision was entirely our choice and deserved a great deal of thoughtful consideration, my family and I have ultimately come to the conclusion that now is the time,” said owner Arte Moreno in a statement by the club. “Throughout this process, we will continue to run the franchise in the best interest of our fans, employees, players, and business partners.”
The Angels have retained Galatioto Sports Partners as their financial advisor for the process of exploring the sale and said they will not have any additional comments during this time.
Moreno purchased the Angels in 2003 for a headline price of $183.5 million, or $295.5 million when adjusted for inflation. In the most recent Forbes valuation of the 30 clubs in MLB, the Angels ranked 9th with a value of $2.2 billion.
Should the club ultimately be sold within the next year, the sale price should not only exceed the $2.2 billion valuation but easily top $2.5 billion and possibly approach something closer to $3 billion.
Moreno said in his statement through the club that the Angels have fielded “competitive lineups which included some of the game’s all-time greatest players.” The latter is true, the former is not.
Truth be known, the Angels have not had competitive line-ups. Moreno, one of the league’s most hands-on owners has had the team not make the playoffs since 2014 and is currently fourth in the AL West. But one piece that should make the sale enticing would be piecing together a roster to support superstars Mike Trout and Shohei Ohtani.
By most every measure, the Angels have been a depressed asset capable of being a jewel to showcase top player talent. Moreno has tinkered only to have the team suffer in the standings through more than one general manager.
Moreno was also one of the league’s biggest hawks during the bargaining sessions for the latest labor agreement with the players. As the lockout by the owners stretched to 99 days, Moreno was one of the most vocal owners on holding the Luxury Tax thresholds down, even as the Angels enjoy sharing the second-largest market in the U.S. with the Dodgers.
Part of Moreno’s calculus has to involve the inability to finalize a deal for development around Angels Stadium. The city council was on the verge of a $320 million sale of the stadium and additional land surrounding the ballpark for development when it was discovered that Anaheim Mayor Harry Sidhu was involved in questionable practices that involved sharing information with the Angels over the possible sale. Sidhu resigned when it was revealed that he accepted campaign contributions in exchange for support of the project. Once that occurred, the city council backed out of the deal for Moreno and the Angels.
Deeper pockets may be able to resurrect the deal Moreno has been seeking. Should the deal be reached it would dramatically escalate the value of the club given the external non-baseball related revenues with the surrounding development capability.
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