The Los Angeles Angels might soon be owned by Dr. Patrick Soon-Siong, the billionaire who now owns the Los Angeles Times, according to reports over the weekend.
Dr. Soon-Siong has a net worth approaching $7 billion and he came in second in an attempt to buy the Los Angeles Dodgers about 10 years ago. According to the Times, others are considering bids as well. Current Angels owner Arte Moreno has a net worth of $4.1 billion.
From the story:
“The Angels are expected to sell for at least $2.5 billion, which would be a record for a Major League Baseball team. The sale process is not expected to heat up until the offseason, but Golden State Warriors owner Joe Lacob, investors from Japan and investors from Southern California are among parties considering whether to bid.”
…
“The owner of the Angels also could try to revive a deal to develop the land around Angel Stadium. Angels owner Arte Moreno had reached such a deal, under which he would have paid $150 million for the stadium and the parking lots that surround it, but the Anaheim City Council killed the deal after revelations that then-mayor Harry Sidhu was under federal investigation for public corruption.”
Dr. Soon-Siong has been a good owner for the LA Times in spite of the paper’s declining circulation and readership. And it would not be an unprecedented move for a Newspaper owner to also own a sports team. John Henry is a principal owner of both the Boston Red Sox and the Boston Globe. Decades ago, the company that owned the Glove owned the Red Sox.