Angels sale: Patrick Soon-Shiong reportedly mulling bid to buy team

dr Los Angeles Times owner Patrick Soon-Shiong is considering bidding for the Angels.

Soon-Shiong tried to buy the Dodgers a decade ago when he and his partner Steven Cohen finished second in the bidding process behind Mark Walter and his Guggenheim baseball partners. Soon-Shiong owns a minority stake in the Lakers.

His net worth, according to Forbes: $6.9 billion.

The Angels are expected to sell for at least $2.5 billion, which would be a record for a major league baseball team. The sales process isn’t expected to heat up before the offseason, but Golden State Warriors owner Joe Lacob, investors from Japan and investors from Southern California are among the parties considering whether to bid.

Soon-Shiong’s interest has been confirmed by a person familiar with the process but not authorized to speak publicly about it.

Soon-Shiong told the Times he had no comment. Galatioto Sports Partners, the investment bank handling the sale, also declined to comment.

The Angels’ poor performance and declining attendance in recent years are not expected to dampen bidding for either of the only two MLB franchises available in the league’s second-biggest media market.

How you watch games long-term may be uncertain — on your TV, laptop, phone, your watch, or some technology yet to be invented — but live sport reliably attracts viewers. A baseball team owner sells more of these live events than a team owner in any other major sports league.

The Angels owner could also try to revive a deal to develop land around Angel Stadium. Angels owner Arte Moreno had struck such a deal, under which he would have paid $150 million for the stadium and surrounding parking lots, but the Anaheim City Council terminated the deal after revelations that then-Mayor Harry Sidhu was under a federal investigation against the public Corruption.

It would not be unprecedented for a team owner to own a newspaper reporting on the team. John Henry owns the Boston Red Sox and the Boston Globe.

In 2013, before Soon-Shiong bought The Times, Walter said he was evaluating whether to buy the newspaper.

Soon-Shiong’s interest was first reported by Sportico.

https://www.latimes.com/sports/angels/story/2022-09-10/angels-sale-la-times-owner-considering-bid-to-buy-team Angels sale: Patrick Soon-Shiong reportedly mulling bid to buy team

Emma Bowman

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