Arte Moreno selling Angels to Rams owner: Stan Kroenke takes over team with MLB's longest playoff drought

Stan Kroenke and Kroenke Sports + Entertainment announced on Tuesday that they are acquiring a controlling interest in the Los Angeles Angels from Arte Moreno. The purchase price is reportedly more than $3.9 billion, concluding Moreno's ownership of the Major League Baseball franchise that began in 2003.

With this acquisition, Kroenke adds an MLB team to a major sports portfolio that already includes the NFL's Los Angeles Rams, English Premier League club Arsenal, the NBA's Denver Nuggets, the NHL's Colorado Avalanche, and the MLS's Colorado Rapids, giving Kroenke Sports + Entertainment franchises across all five major sports leagues.

At the time of the sale, the Angels hold the longest active playoff drought in Major League Baseball. The team has not made the postseason in 11 years and will miss the playoffs again this season.