Aug 24, 2022 - Economy

Los Angeles Angels owner seeks to sell team

Photo illustration of Shohei Ohtani sitting on a bundle of cash.

Photo Illustration: Trent Joaquin. Photo: Thearon W. Henderson /Getty Images

Los Angeles Angels owner Arte Moreno is seeking to sell the underperforming Major League Baseball franchise he bought in 2003 from The Walt Disney Co.

Why it matters: This means there are two MLB clubs on the block at the same time, with the Angels joining the Washington Nationals. That could cut down on price premiums, given that pro sports team bounties are inflated by scarcity, although that could be offset by geographic distance (i.e., West Coast billionaires like Joe Lacob and East Coast billionaires like Ted Leonsis would only have interest in their backyards).

Wildcard: Moreno doesn't own the Angels' home stadium, one of the league's oldest, nor has he been able to purchase surrounding real estate from the City of Anaheim.

Price talk: Moreno paid just $184 million to buy the franchise, which Forbes estimates is now worth $2.2 billion (9th most in MLB).

More, per the LA Times: "A new owner would inherit a raft of issues. The team has not won a postseason game since 2009, meaning two of the game's greatest stars — Mike Trout and Shohei Ohtani — never have won a playoff game. Ohtani has repeatedly expressed his discouragement, and a new owner would have to convey an impressive vision to persuade him to remain in Anaheim rather than leave in free agency after next season."

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