Candidate for New Angels Owner Has Net Worth of $6.9 Billion World’s Wealthiest Doctor Who Owns Newspaper

Last Updated on 09/11/2022 by てんしょく飯

Dr. Patrick Soon-Shiong, 70, owner of the Los Angeles Times, is considering buying the Angels, the paper’s reporter Bill Shakin reported.

Dr. Soon-Shiong is a native of South Africa. Known as “the world’s wealthiest doctor” for his successful medical company that diagnoses and treats cancer, he tried to buy the Dodgers 10 years ago in partnership with Steve Cohen, but lost out to current owner Mark Walter and Guggenheim Partners. According to Forbes magazine, the net worth is $6.9 billion (about ¥986.7 billion). The Angels are expected to be sold for $2.5 billion (about ¥356.5 billion), a new record for an MLB team, even if the estimate is low.

Dr. Patrick Soon-Shiong, 70, is considering buying the Angels.

The news was first reported by SPORTICO, an online media outlet specializing in sports business. Reporter Shaykin asked Dr. Suncion for a statement, but he had “no comment” at this time. The move to sell will not be in full swing until after the season, but other investors, including NBA Golden State Warriors owner Joe Raycob, an investor from Japan, and an investor from Southern California, are said to be considering participating in the bidding process.

The Angels have had poor results in recent years and attendance has fallen, but Los Angeles is the second largest media market in the country, and the Angels are one of two teams there. Reporter Shaykin predicts that competitive bidding will not be damp.

The advantages of being an Angels owner are significant. For one thing, professional baseball has by far the largest number of live events. Shaykin writes, “We don’t know how baseball games will be viewed in the future through the medium of television, laptops, phones, watches, and other devices. However, the live experience will certainly continue to attract people.

As a baseball owner, you can handle more live events than any other sports league owner.” And he can push for development plans for the Angels stadium and surrounding land. Owner Art Moreno had signed a contract with the city of Anaheim to purchase the stadium and a large surrounding parking lot for $150 million, but it was discovered that the then mayor was under investigation for corruption. The Anaheim City Council voided that contract.

The new owners can revive that project. The redevelopment of the ballpark and its surrounding area is a new source of revenue for MLB teams, the Chicago Cubs, Atlanta Braves, and others have already had great success.

Incidentally, there is also a precedent for a situation where the team owner is also the owner of a newspaper that covers the team. Owner John Henry is the owner of MLB’s Boston Red Sox, which also owns the Boston Globe, and even before Dr. Seung Siong bought the Los Angeles Times, Walter Dodgers owner Walter Dodgers was considering buying the Los Angeles Times in 13 years.