PROFILES in PROFIT – ARTE MORENO
Arturo Moreno is the owner of the Los Angeles Angels baseball team, which he bought in 2003for $184 million. It is now worth nearly $2 .
NET WORTH – US $3.4 BILLION (November 2019)
Moreno’s initial fortune came from billboard advertising company Outdoor Systems, which he soldto Infinity Broadcasting in 1999 for $8.7 billion.
He has stakes in other billboard advertising companies, though the bulk of his fortune is now in the Angels.
In December 2019, he bought a 150-acre site in Anaheim for $325 million, with plans to develop housing, retailand a potential new Angels stadium.
He donates millions of dollars annually to the Moreno Family Foundation, which supports underprivileged youth and education nonprofits.
His father ran a small print shop; his grandfather owned Tucson’s first Spanish-language newspaper
After returning to civilian life in 1968, he enrolled at the University of Arizona where he graduatedin 1973 with a degree in marketing.
After school, he was hired to work at the Eller Outdoor, an advertising company.
In 1996, Moreno took Outdoor Systems public. The company’s stock soared, and in 1998 Morenosold the company to Infinity Broadcasting for $8 billion.
With baseball being Moreno’s favorite pastime, he applied his business acumen in that arena, as well, purchasing the Salt Lake Trappers minor league team alongside 17 other investors in 1986. The group owned the team until 1992, and the venture proved to be a resounding financial success.
It was announced in April 2003 that Moreno had agreed with The Walt Disney Company to purchase the team for $180 million. On May 15, 2003, MLB commissioner Bud Seligannounced that the sale of the Angels to Moreno had been approved.
Moreno soon demonstrated a willingness to spend the money necessary to sign premium players, including star outfielder Vladimir Guerrero. He also took a hands-on approach, becoming a regular attendee of the team’s home games and periodically leaving his owner’s box during games to mingle with fans in the regular stadium seating areas and concourses. All of these moves proved very popular with fans.
In the first year of his ownership, the Angels drew more than three million fans, 750,000 more than their championship season.
Moreno encountered a substantial backlash from fans of the team, and in particular, from the city leadership of Anaheim, California, over his decision in 2005 to change the name of the team from the Anaheim Angels to the Los Angeles Angels of Anaheim.
Moreno saw the change as part of an overall strategy to increase the team’s revenue by actively marketing it to, and associating it with, the entire Los Angeles metropolitan area, rather than restricting the team’s identity to the city of Anaheim and to Orange County.
The Morenos’ focus is balanced between baseball, business operations, and fan experience. In 2009, the Halos were voted the top franchise in professional sports in “Fan Value and Experience” by voters in a fan poll by ESPN the Magazine. In the poll, the Angels ranked in the top three among Major League teams for 10 consecutive seasons (2003-2012).
Over the past 14 years, Carole and Arte have strengthened the Club’s commitment to local communities and beyond. In January of 2004, the Moreno’s established the Angels Baseball Foundation concentrating on investments in education, health care, arts & sciences, and community-related youth programs to experience the positive attributes of baseball. The Angels Foundation distributes annual grants to various programs within Southern California. In 2010, the Angels were privileged to host their third All-Star Game (also 1967 & 1989). In conjunction with MLB’s All-Star Legacy Fund, the foundation funded renovation of softball fields at Anaheim’s Pioneer Park (into the MLB Angels All-Star Complex) as well as the special-surfaced field for the Miracle League of Orange County for disabled youth. The foundation regularly donates tickets, memorabilia, and ballpark experiences to the various groups and fundraisers.
The Moreno family is also active in their own philanthropic efforts. In 1997, Carole and Arte established the Moreno Family Foundation to support nonprofit organizations focusing on youth and education as well as investing in educational scholarships in K-8, high school, and college.
He and his wife established the Moreno Family Fund. It’s designed to help at-risk youth find the stability and the encouragement they need to succeed in life. The organization also provides education, reiterating Moreno’s belief that with the right education, virtually all doors can be opened.
Their favorite charities include St. Vincent de Paul, St. Mary’s Food Bank, the Barrow Neurological Institute, Boys & Girls Clubs, United Methodist Outreach Ministries (UMOM) family homeless shelters, American Heart Association, and Fresh Start Women’s Foundation. The Moreno’s were previously members of the Little League Foundation’s Board of Trustees, which assists Little Leagues in every state and more than 70 other countries.
He doesn’t like being in the public eye. He far prefers to stay in the background and let other people have the limelight, even to the point of being somewhat reclusive. He’s dedicated to his family and to his professional goals, but he doesn’t like to make a big deal out of anything in a public sense.