Stan Kroenke has agreed to acquire controlling interest in the Los Angeles Angels from current owner Arte Moreno. Kroenke, who already owns the NFL's Los Angeles Rams and NHL's Colorado Avalanche, will add baseball to his sports portfolio with the purchase.

Moreno's tenure with the Angels has been marked by sustained struggles on the field. The team has not made the postseason in 11 years and will miss the playoffs again this season, per reporting on the longest current drought in Major League Baseball.

The sale marks the end of Moreno's ownership of the Angels. Kroenke's exact financial terms or the timeline for completing the transaction were not disclosed in available reporting.