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Sunday, June 16, 2024

Los Angeles Times Owner Eyeing Bid to Buy Angels

  • Los Angeles Times owner and biotech entrepreneur Dr. Patrick Soon-Shiong is weighing a bid.
  • Soon-Shiong has a net worth of $7.1 billion, per Forbes.
Kirby Lee-USA TODAY Sports

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.

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