American billionaire Stan Kroenke, through his company, Kroenke Sports & Entertainment (KSE), is set to acquire a majority stake in the Los Angeles Angels from the Moreno family.

Major League Baseball (MLB) confirmed the development in a statement on Tuesday, saying KSE had entered an agreement to acquire the baseball club from the Moreno Family.

“Kroenke Sports & Entertainment (“KSE”) announced that it has entered into a definitive agreement to acquire a controlling interest in the Los Angeles Angels Baseball Club from the Moreno Family,” the statement read.

However, the statement did not disclose the transaction amount but noted that the deal is expected to close in the first quarter of 2027 after it meets conditions set by the MLB.

Mr Kroenke also said he looks forward to the franchise’s future and its opportunities.

“The Angels are a storied franchise anchored in a great market. We look forward to an exciting future with the Angels organisation,” he said. 

Arte Moreno described KSE as the “best next owner for the franchise,” citing the firm’s experience and achievements after more than 20 years of leadership.

Mr Moreno said, “The Angels organisation is pleased to announce this transaction with Kroenke Sports & Entertainment. The Moreno Family has been honoured to steward the Angels for 23 years, and we believe with KSE’s experience and success they are the best next owner for the franchise. 

“The Angels organisation looks forward to continuing its commitment to the fans, our employees, the players and our business partners.” 

The 79-year-old is set to add the baseball franchise to his huge sports portfolio, which includes EPL  side Arsenal, the NFL’s Los Angeles Rams, the Denver Nuggets, the NHL’s Colorado Avalanche, MLS side Colorado Rapids and the Colorado Mammoth of the National Lacrosse League.