Arte got cold feet it seems
Spoke to a few more people in the aftermath of Arte Moreno’s stunning decision to back out of the Angels sale and can confidently say this: this was not a matter of prospective buyers not meeting his asking price; he simply got cold feet at the end. (1/)
The Angels had five people serious enough to pay at least $2.5 billion, which would’ve set a record, as
@SamBlum3
reported yesterday. One of those five was from Asia. One source with knowledge of the negotiations called the Angels a “crowned jewel” of a franchise. (2/)
The reasons, per sources: In Southern California, a big media-rights contract, the change to sign a naming-rights deal, no debt, an opportunity to develop surrounding land, an appealing lease, strong precedent for attendance, etc. (3/)
Bids were due in the middle of February, as others have reported. Instead, the five prospective buyers were informed Monday that the sale is off. Now the question on everybody’s mind is: What’s next? (4/)
Moreno is 76, and if his children are not interested in taking over, one would think he’d have to go to market with the team again. But it’s fair to wonder whether changing course near the end will impact whether prospective buyers will want to go through the process again. (5/5)
View: https://twitter.com/Alden_Gonzalez/status/1617941112135782400