12 big questions Angels owner Arte Moreno faces selling his baseball team

Arte Moreno is apparently done with baseball.

The 76-year-old owner of the Los Angeles Angels announced the franchise is up for sale.

Moreno, who’s controlled the Anaheim team for 20 seasons, will do plenty of soul-searching during the sales process. Meanwhile, suitors will have tough questions — with answers ranging from nuts-and-bolts financial data to informed hunches from team insiders.

The team has a mixed history with Moreno. Initial successes on the field morphed into long-running disappointments. Numerous business decisions rubbed many locals the wrong way. Dropping “Anaheim” from the team name didn’t help, not to mention the quagmire over the team’s stadium lease with the city and proposed redevelopment of the stadium’s parking lot.

Angels quiz: What are the odds owner Arte Moreno can complete a deal?

Yet the Angels’ murky public image can’t diminish the fact that professional sports teams don’t come on the market very often. This rarity will attract deep-pocketed suitors much like bidding for a unique seaside villa, a great vintage wine, a hard-to-find classic car or art by one of the true masters.

And ownership of these kinds of collectibles — yes, sports franchises are a trophy asset — is as much an ego issue for the extremely wealthy as it is a pure business decision. At this point, who might be the winning bidder, and for what price, is far more about speculation than any scientific exercise.

So let me offer a dozen queries that could percolate around the sale. These puzzle pieces will affect Moreno’s decision-making as well as the suitors and how much they bid.

1. How high? The entertainment industry is no longer throttled by the coronavirus, which means surging profits and prices for pro sports. A thirst for content from TV and streaming networks further boosts cash flow. Forbes estimates the 124 teams in pro baseball, football, basketball and hockey each are worth an average $2.2 billion — up 14% in their most recent year.

2. Who will bid? Such trophy assets attract people with stunningly fat wallets. Note that members of Walmart’s founding family, the Waltons of Arkansas, paid $4.6 billion for football’s Denver Broncos earlier this year — double that league’s previous high price.

3. Baseball’s challenges? The sport has systemic problems that will require heavy rethinking by team owners. Basically, game tactics have cut the “watch-ability” of the sport. And the long season — roughly double other sports — is a grind for athletes, management and fans. Will suitors relish that kind of challenge?

4. Buy low, sell high? Moreno paid $184 million two decades ago for the team. Today, the Angels are worth $2.2 billion, according to Forbes — No. 21 in pro sports. Let’s politely say that Moreno will profit handsomely by selling. The grand question: What is his magic number?

5. Commitment to Anaheim? Do the Angels and the city have a legally binding stadium lease? What’s the meaning of corruption allegations involving the former mayor’s role in releasing the stadium after the team used an exit clause to gain bargaining leverage? Perversely, the Angels might be worth more as a “free agent” as far as where they play is concerned.

6. Stadium headaches? No matter the lease’s status, Angel Stadium requires a pricey makeover or a huge investment in a new ballpark. Who pays for that will factor into the pricing. And I’ll note that certain suitors may find attractive the opportunity to create a real estate landmark.

7. The parking lot? Moreno once envisioned a dynamic mixed-use district next to the stadium. His real estate partnership seemed ready to buy that land from the city before those corruption allegations scrubbed that deal. Will prospective owners see this real estate bet as a bonus and pay up for the opportunity to expand?

8. City politics? Politically speaking, few Orange County cities are harder to read than Anaheim. The city’s pro-business city council seemed supportive of the team, especially the parking lot deal. But the recent taint has left many policies up in the air. Would a new owner get a “honeymoon” with the populace and their elected representatives?

9. Too many bad seasons? The Angels are on their way to their seventh consecutive losing year. It’s not that Moreno hasn’t tried — he’s just made really bad baseball decisions. In fact, critics say he’s been far too “hands-on” with team management. Will suitors find a turnaround story appealing?

10. What about Mike Trout? The best player in a generation has been wasted on the mediocre Angels. One of pro sports’ priciest contracts can keep Trout as an Angel through 2030, but would Moreno or the new owner consider trading Trout for a flock of young prospects and lesser stars?