Want more from Front Office Sports
in your search results?
The owner of the most circulated metropolitan daily newspaper in America is reportedly considering a bid to buy the Los Angeles Angels in a deal that could fetch at least $2.5 billion.
Los Angeles Times owner and biotech entrepreneur Dr. Patrick Soon-Shiong is weighing whether to buy the Angels after a failed 2012 bid to purchase the Los Angeles Dodgers.
Soon-Shiong, who partnered with hedge-fund billionaire Steven Cohen in the unsuccessful bid, finished second behind Mark Walter and his investment company Guggenheim Baseball Management.
- Soon-Shiong has a net worth of $7.1 billion, per Forbes.
- He is a minority investor in the Los Angeles Lakers.
- A potential deal could be a record for an MLB franchise.
Team owner Arte Moreno hired financial services firm Galatioto Sports Partners in August to explore the sale of the franchise. Moreno — the first Latino team owner in major U.S. sports — purchased the team for $183.5 million in 2003, a year after the club won its only World Series.
Sale Troubles
Angel Stadium, the home field of the Angels since 1966, is undergoing a controversial and arduous sale process to a company controlled by Moreno. The $320 million sale was originally agreed to in 2019 but experienced pushback over concerns it violated affordable housing law.
In May, the sale was put on hold after a judge issued a 60-day stay amid a corruption investigation involving Anaheim mayor Harry Sidhu, who spearheaded the deal. Sidhu resigned amid allegations of bribery, obstruction of justice, and witness tampering.
Download the FOS App
The business of sports, in your pocket.
Scan the QR code to get the app now.
