The value of the Los Angeles Angels of Anaheim baseball team has risen 16% in the past year to $500 million, according to Forbes.
The team went from No. 13 a year ago to No. 6 in the magazine’s annual ranking of baseball teams by value.
“Adding Los Angeles to his team’s name before the 2005 season was a brilliant idea by Arte Moreno,” Forbes said in its writeup.
The name change, which sparked a lawsuit with the city of Anaheim and angered fans, has allowed Moreno to market the team throughout Southern California, Forbes said.
The magazine attributes 43%, or $217 million, of the Angels’ value to its market.
Moreno bought the team from Walt Disney Co. for $184 million in 2003.
The Angels have yearly revenue of $200 million and have been operationally profitable since last year after years of losses.
This year, the team has operating income of $15.2 million, up from $12 million a year earlier, according to Forbes.
