Stan Kroenke's sports empire added Major League Baseball on Tuesday when Kroenke Sports & Entertainment agreed to purchase controlling interest in the Los Angeles Angels from Arte Moreno for $4 billion, surpassing the $3.8 billion Cohen paid for the Mets in 2020 and the $2.42 billion Guggenheim Partners paid for the Dodgers in 2012. The deal hands Kroenke the Rams, the Angels, and a minority stake in the Lakers within a 35-mile radius.
Moreno, who bought the club for $184 million in 2003, announced his intent to explore a sale in August 2022, then reversed himself four months later before quietly resuming conversations in late 2025. The Angels finished fourth in the AL West last season at 73-89 despite carrying the sixth-highest payroll in baseball at $217 million. Shohei Ohtani left for the Dodgers in December 2023 on a ten-year, $700 million contract; Mike Trout, 34, is owed $248.15 million through 2030 and played 82 games last year. The franchise has not won a playoff game since 2009.
The valuation matters less for what Kroenke paid than for what it resets. MLB's average franchise value stood at $2.38 billion in Forbes' April 2025 rankings; the Angels sale moves the floor for large-market clubs with media rights in flux and real estate upside. Kroenke owns SoFi Stadium outright, a $5 billion asset with 298 acres of adjacent land under development, and controls a regional sports network infrastructure through his Altitude Sports platform in Denver. The Angels' broadcasting deal with Bally Sports West expires after the 2025 season, worth roughly $150 million annually under the old structure now compromised by Diamond Sports' bankruptcy. Kroenke can bundle the Angels into a direct-to-consumer play across the Rams, the Galaxy, the Nuggets, and the Avalanche, bypassing the RSN collapse entirely. He also inherits Angel Stadium's lease, which runs through 2029 with the city of Anaheim, and the unresolved question of whether the team stays or relocates closer to SoFi.
The structural advantage is stadium control and vertical integration. Kroenke put $2 billion of his own capital into SoFi and collects naming rights, premium seating, and event fees the Angels currently surrender to the city. If he moves the club to a new ballpark on the Hollywood Park site, he consolidates two anchor tenants under one roof and commands pricing power over every suite, every sponsorship activation, and every parking space. The alternative—renovating Angel Stadium or building in Anaheim—keeps the team 30 miles from his other assets and replicates the fragmentation he just paid to escape. The city has already floated a $1 billion public-private ballpark framework; Kroenke's cost of capital makes that irrelevant.
Watch for Kroenke's first roster move and whether he keeps general manager Perry Minasian, whose contract runs through 2026. The Angels have $89 million committed to Trout, Anthony Rendon ($38 million in 2025), and Tyler Anderson through next season; Kroenke's Rams cut or traded $74 million in dead cap within 18 months of his SoFi opening. Expect a similar reset. The broadcasting strategy will surface by June, when MLB's Board of Governors meets to discuss the league's equity stake in a new streaming entity. Kroenke sits on that board now.
Moreno walks with a $3.816 billion profit in 22 years and no World Series appearances since 2002, the year before he bought in.
The takeaway
Kroenke's $4 billion Angels purchase resets MLB valuations and positions him to bundle three LA teams into a direct-to-consumer play while SoFi land enables a same-site ballpark.
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