As a self-made billionaire, Arte Moreno, 76, can do just about anything the heart desires. That includes buying a sports team or (attempting) to build a baseball stadium in Anaheim. Yes, the sky’s the limit for Moreno, though it wasn’t always this way. It took time for Moreno to work his way up into leadership roles and eventually purchase the Los Angeles Angels.
Want to know how Arte Moreno got rich and where his net worth stands today? Keep reading for details and why Moreno ultimately decided not to sell the Angels.
A deeper look into Arte Moreno’s net worth.
Much of Arte Moreno’s net worth is likely tied to the Los Angeles Angels, an MLB team he purchased from The Walt Disney Company in May 2003. In order for Moreno to secure the title as the first Mexican-American to own a major sports team, he had to dish out just under $184 million.
Moreno initially purchased the team under the name Anaheim Angels, but later changed it to Los Angeles Angels. The team, which has remained under Moreno’s ownership thus far, is now estimated to be worth $2 billion, according to Forbes. And because of that, Moreno’s net worth has climbed significantly.
As of January 2023, Forbes estimates Moreno’s net worth to be somewhere around $4.1 billion.
Arturo "Arte" Moreno
Businessman and sports team owner
Net worth: $4.1 billion
After Arte Moreno became the CEO of Outdoor Systems, that put him in position to become a billionaire. With the money he collected from selling Outdoor Systems, he was able to buy the Los Angeles Angels.
Born: Aug. 14, 1946
Birthplace: Tucson, Ariz.
Education: Graduated from the University of Arizona with a Bachelors in Marketing
Spouse: Carole Moreno
How did Arte Moreno get rich?
Believe it or not, Moreno didn’t enter the workforce as a businessman, though he did learn a lot about being one from his father, Arturo Moreno. During an interview with The Los Angeles Times, Moreno revealed that he and his 10 siblings lived in a two-bedroom house in Tucson along with his mom and dad. The late Arturo Moreno also ran a print shop.
Although the family did face some tough times financially, Moreno says he learned a lot from his father. It was through him that he also developed an interest in sports teams. While growing up, Moreno says his father was so engaged in sports you would think he owned a team of his own.
Before Moreno became a billionaire and sports team owner, he was drafted into the U.S. Army in 1966 and fought in the Vietnam War. When he returned home, he attended the University of Arizona and went on to work for Eller Outdoor, an advertising company, in the early 1980s.
By 1984, Moreno accepted a position with Outdoor Systems and went on to manage the company. Two years after taking the company public (1996), Moreno sold the company to Infinity Broadcasting for $8 billion. From that, Moreno was able to place a bid on the Angels.
Arte Moreno explored selling the Angels but ultimately decided not to.
In August 2022, Moreno toyed around with the idea of letting go of the Angels. While he would have likely collected a large return on his investment, he shut down the idea on Jan. 23, 2023. In a letter drafted by Moreno, the Angels owner cited “unfinished business” as his reasoning for not wanting to let go of the team.
There might also be a few sentimental reasons why he isn’t quite ready to part ways with the team.