Hey, it's Zack.
Two record breaking team sales in the same year. Private equity money pouring into the sport. Expansion talks heating up. And a CBA expiring December 1 with both sides still far apart.
Baseball has never been more valuable. The question is who benefits from that.
THE ENTRANCE
On September 1, the Los Angeles Angels announced they had been sold to Stan Kroenke for $4 billion. A new MLB record. Arte Moreno has owned the team for 23 years and presided over one of the most disappointing runs in baseball history. The Angels have rostered two of the greatest players of their generation in Mike Trout and Shohei Ohtani and made the postseason just once with either of them. That was a first round sweep by the Kansas City Royals in 2014. Ohtani left for the Dodgers in 2023 and has won two World Series since. Moreno is now out. The Angels are 53 and 85 and heading into their 11th straight losing season.
Kroenke is one of the most powerful sports owners in the world. He already owns the NFL's Los Angeles Rams, the NBA's Denver Nuggets, the NHL's Colorado Avalanche, Arsenal in the Premier League and the Colorado Rapids in MLS. Arsenal just won the EPL title in 2026. Adding the Angels gives him a team in every major North American men's sports league. His net worth is $26.8 billion. The sale is expected to close in the first quarter of 2027 pending MLB approval. Reports suggest Kroenke had originally tried to buy the Rockies before turning his attention to the Angels.
Two months earlier, the San Diego Padres were sold to Jose Feliciano and Kwanza Jones for $3.9 billion. That deal was unanimously approved by MLB owners on August 17. Kwanza Jones became the first Black female majority owner in MLB history. Feliciano became the second Latino majority owner. The previous record for an MLB sale was $2.4 billion when Steve Cohen bought the Mets in 2020. In six years the record has nearly doubled.
The Angels and Padres are not isolated stories. They are part of a broader shift in how baseball franchises are being valued and who is buying them.
THE DELIVERY
Start with the ownership moves happening below the headline sales.
The Walton Penner family, which owns the Denver Broncos, acquired a 40 percent minority stake in the Colorado Rockies in April. The Monfort family retained majority ownership but the Rockies were able to retire all outstanding debt and fund improvements to Coors Field with the investment. The Rockies are valued at $1.68 billion which is 25th out of 30 teams. According to multiple sources reported by Woody Paige of the Denver Gazette, the Penners are looking to buy an additional 35 percent after the new CBA is finalized. That would bring their total stake to 75 percent and give them majority control. The Monforts would retain approximately 20 percent. Greg Penner has publicly said the group is focused on being supportive minority partners and has not confirmed the reports. Kroenke, who just bought the Angels, reportedly tried to buy the Rockies first and is married to Rob Walton's cousin. The same Walton family now buying into the Rockies.
The next team most likely to change hands appears to be the Minnesota Twins. The Pohlad family tried to sell the team last year, and a deal with Justin Ishbia fell through. Commissioner Manfred has since said publicly that he is confident a sale will take place soon. The Twins are valued at approximately $1.6 billion. The Rays sold for $1.7 billion just last year. The Angels just sold for $4 billion. That gap tells you how quickly valuations are moving.
Apollo Global Management provided $2.6 billion in financing to the Yankees in August. The deal is a mix of debt and equity that will support the growth of the franchise and refinance existing debt. The Steinbrenner family retains full control. Sportico values the Yankees at more than $9 billion making them the most valuable franchise in baseball. Apollo is not alone. Arctos Partners has stakes in the Dodgers, Red Sox, Cubs, Giants, Astros and Padres. Sixth Street bought 10 percent of the Giants last year. Sportsology Capital Partners invested in the Rangers. The money coming into this sport is significant and it is not slowing down.
The reason is straightforward. The average MLB franchise is worth $3.17 billion according to Sportico. The average NFL franchise is worth $6.5 billion. The average NBA franchise is worth $4.7 billion. Baseball trades at roughly six to seven times revenue. The NFL trades at eight to ten times revenue. If baseball closes that gap the upside on every existing franchise is significant. Scott Boras said it plainly when the Padres sold. Smart business people are buying these franchises knowing a potential work stoppage is coming because they see undervalued assets. If you are buying at these prices through a potential lockout you have a very strong view of where this sport is going.
Then there is expansion. Nashville is the closest thing to a frontrunner in the race to add two new franchises. The Music City has a strong ownership group, political support and a metro area growing faster than almost any other city in the country. But the second spot is genuinely wide open. Portland has $800 million in public funding secured and has been pursuing a team since 2017. Charlotte is one of the fastest growing markets in the country but does not yet have an organized ownership group. Austin is a booming market that could support a franchise but is similarly early in the process. Salt Lake City has organized investors and stadium plans already in place.
MLB has not expanded since 1998, when the Rays and Diamondbacks joined the league. Commissioner Manfred wants expansion in place before his term ends in 2029, with new teams expected around 2032 or 2033. Each expansion team is expected to pay a franchise fee in the range of $2 billion. Two new teams means roughly $4 billion split among the existing 30 owners before a single game is played.
THE SAVE
All of this money is coming into baseball at the same moment the CBA is expiring.
I have covered the competitive balance and draft overhaul issues in previous newsletters. The salary cap proposal is coming. The escrow system, which determines how revenue is shared between owners and players, is coming. The minimum salary debate, International draft, along with many other buzz topics. All of it is happening while team valuations are hitting records and private equity firms are lining up to invest.
The players know what these teams are worth. Scott Boras said it out loud. If smart business people are buying franchises through a potential work stoppage because they see undervalued assets then players are asking one question. If the asset is undervalued who is it undervalued for?
That is what is at the center of these negotiations. The owners want a salary cap. The players want their share of a sport that has never been worth more. A lockout is likely. Whether it becomes a work stoppage depends on how far apart both sides are willing to stay. I will be covering all of it in the coming weeks.
Talk soon, Z
The Save is a personal newsletter based on my own experiences, opinions, and recollections. The opinions expressed here are mine alone and do not represent any team, organization, union or employer past or present. When discussing players, contracts or organizational decisions I am sharing my perspective as a former player — not making legal or financial claims. When I share stories involving others I am telling them from my point of view. When I share tips or lessons I am sharing what worked for me. Always do your own research and consult professionals when making important decisions.