Angels owner Arte Moreno explains why he rejected record bids for franchise

Arte Moreno could have set a record for an MLB team sale.

The owner of the Los Angeles Angels told Sports Illustrated that he had three offers on the table “considerably above the Mets’ number.” Steve Cohen bought the New York Mets for a record $2.4 billion in 2020 — at a time when the team carried $350 million in debt.

Moreno noted that all three offers were at least $200 million above what Cohen paid. Moreno also said that he had a fourth inquiry from Japan that didn’t result in a bid.

Moreno said he was planning to hold onto a 5-10% stake in the team. In the end, he couldn’t part with any of it: “In my heart, I just couldn’t go through with it.”

The team initially landed on the market after the collapse of a $320 million land deal with the city of Anaheim for the area around the stadium. The deal was canceled following allegations of corruption against Anaheim mayor Harry Sidhu, who resigned amid the scandal.

Moreno was not implicated in an FBI investigation regarding the case, but Sidhu was accused of providing confidential information to the team in the hopes of securing a $1 million campaign donation. Sidhu has denied any wrongdoing.