I’d heard Arte Moreno had told people recently that he thought the Angels could command $4 billion. He might sell the team. He might not. But the figure seemed ambitious, since no major league team ever had sold for even $3 billion.
Until Friday, that is, when the Wall Street Journal first reported the San Diego Padres were about to be sold for $3.9 billion.
The new owners: a group led by Jose Feliciano of Santa Monica-based Clearlake Capital, which manages more than $90 billion in assets, and his wife, Kwanza Jones. In 2022, Feliciano and Dodgers co-owner Todd Boehly led the investment group that bought Chelsea of the Premier League for $5.2 billion.
The new money should enable the Padres to build upon the legacy of late owner Peter Seidler, who simply disregarded the fact that San Diego ranks as one of the smallest media markets in the major leagues. He spent to win, and the Padres have made the playoffs four times in the past six years — after making the playoffs five times in their first 51 years.
The fans rewarded him, packing Petco Park. As of Friday, the Padres had the second-best record and second-highest attendance in the major leagues. The Dodgers, of course, had the best record and the highest attendance.
The party most immediately interested in the Padres’ sale price? The players’ union, since Commissioner Rob Manfred has cited sluggish appreciation in sale prices as one reason to pursue cost controls on player salaries, whether through a salary cap or some other restriction. In recent years, the owners of the Angels, Minnesota Twins and Washington Nationals all have put their teams on the market without completing a sale.
But Moreno should be interested, too. He turns 80 this summer.
The comparison with the Padres only goes so far. In San Diego, in a city without a team in the NFL, NBA or NHL, the Padres are virtually unchallenged for dollars from fans and corporate sponsors.
And, in San Diego, the Padres play in Southern California’s best ballpark, one the team has turned into a year-round events center, with major concerts in the stadium itself and smaller ones within a delightful park beyond center field.
Could Moreno get $4 billion without a resolution to the long-running ballpark stalemate in Anaheim? It sounds borderline insane to consider that the only available team in America’s second-largest market might not be worth as much as the team that just sold in America’s 30th-largest market.
In Anaheim, however, two deals that would have anchored the Angels there for decades collapsed, and the 60-year-old stadium is in serious need of renovation or replacement. A buyer likely would have to account for the billion-dollar cost of a new ballpark and might ask for a credit against the purchase price, effectively lowering how much profit Moreno could make on the sale.
Any potential buyer should be keeping a close eye on a bill slowly winding its way through the state legislature this year. That bill, if enacted into law, would give the city the ability to loosen development restrictions on the stadium property for a team owner willing to call the team the Anaheim Angels.
Still, even without that legal assist, there should be no shortage of parties interested in acquiring two rarely available assets in one transaction: an MLB team in the Los Angeles market, and a 150-acre site perfect for the mixed-use development coveted by owners in every sport these days.
Golden State Warriors owner Joe Lacob, who once worked as a peanut vendor at Angel Stadium, lost out in the Padres’ bidding and could take another run at the Angels.
Rams owner Stan Kroenke, who lost out in the Dodgers’ bidding in 2012, surrounded the Rams’ Inglewood stadium and Woodland Hills training site with major development and could consider replicating those successes in Anaheim.
Ducks owner Henry Samueli has denied interest in the Angels, but he could consider extending and complementing his OC Vibe development across the 57 Freeway — and his hockey team already wears the Anaheim name.
That assumes, of course, that Moreno opts to sell. He enjoys owning a team and, in a season in which the Angels are one-half game out of first place entering Friday in what appears to be a weak American League West, there is no hurry.
It is considered more likely that Moreno waits until after a new collective bargaining agreement is reached next year to determine whether to sell. All I can tell you for sure Friday is what one baseball official texted me when I asked for reaction to the Padres’ sale: “Great news for the Angels.”
