In a surprise development that ends a tumultuous ownership tenure, longtime Los Angeles Angels owner Arte Moreno agreed to sell the team to Stan Kroenke, who presides over the NFL's Los Angeles Rams. Kroenke's purchase is for a "controlling interest" in the franchise through Kroenke Sports & Entertainment, which also owns the NBA's Denver Nuggets, the NHL's Colorado Avalanche, the Colorado Rapids of MLS, and Arsenal F.C. of the Premier League, according to a news release Tuesday. The transaction will close "in the first quarter of 2027," subject to MLB approval. The Angels were sold for a valuation of $4 billion, beating the previous MLB record of $3.9 billion set by the Padres' new owner earlier this year.

Moreno, the first Latino majority owner in MLB, purchased the Angels from The Walt Disney Co. in 2003, bringing in stars like Vladimir Guerrero and Bartolo Colon, lowering beer prices, and turning the Angels into a national brand. The team won the AL West five times from 2004 to 2009 and reached 3 million in attendance every year from 2003 to 2019. In 2011, they signed a 20-year, $3 billion TV deal with Fox Sports, leading to free agent signings of Albert Pujols, Josh Hamilton, and C.J. Wilson. But the Angels have made the playoffs only once since 2010, spoiling the prime years of Mike Trout and Shohei Ohtani, and have clinched their 11th consecutive losing season. Moreno faced criticism for being too heavy-handed in baseball operations, though recent changes included bringing in John Mozeliak as a consultant.

"The Angels organization is pleased to announce this transaction with Kroenke Sports & Entertainment," Moreno said. "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." Moreno, 80, had put the Angels up for sale in August 2022 but backed out nine months later. Kroenke, 79, moved the Rams to Los Angeles in 2016 and built SoFi Stadium in Inglewood, California. Under his watch, the Rams won the Super Bowl in 2022 and are favorites for the 2026 season.