Arte Moreno Net Worth:
3.4 Billion USD
Arte Moreno is an influential and inspiring businessman who started with virtually nothing to become one of baseball’s most well-loved team owners. The son of a print shop owner, Moreno was no stranger to hard work and credits his current success with the hard lessons learned from his father.
The Early Years
He graduated with a marketing degree from the University of Arizona and went to work for Eller Outdoor, an advertising company. It was here that Moreno cut his teeth in sales and formed the foundation for being a smart and savvy businessman. In 1984, he went to work for Outdoor Systems and rose to the ranks of chief executive officer and company president. Under his direction the billboard company saw a substantial profit growth from $500,000 to $90 million in only 10 years. He sold the company for an estimated $8 million after it became publicly traded and set his sights elsewhere.
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Baseball and the Angels
A lifelong baseball fan, Moreno wanted to own a major league team but would not be able to do so until 2003 when he worked out a deal with the Walt Disney Company for the Anaheim Angels. Moreno paid $180 million for the team that was, at that time, losing money for Disney. Moreno had a plan to change the team and head it in a new direction. One of his first acts as owner was to slash prices across the board including concession and ticket prices. He understood that it were the fans and not the players that ultimately made money for the team. He also moved to sign on premium talent to the team. Signing the likes of Vladimir Guerero and Kelvim Escobar the Angels were infused with fresh talent despite the hit the team’s budget took. The gamble was worth it and today the Angels are one of the most popular and talented teams in the Major Leagues and continues to make an impressive profit.
The Key to Success
The key to Arte Moreno’s success in business and in life can be attributed to his willingness to take risks and his understanding of what it means to be successful. Moreno started out small, working for his father and then as a sales associate for advertising companies and has never forgotten his roots.
Through hard work and determination he was able to move up the ranks to become a CEO and eventually the owner of a highly successful baseball team. His understanding of what draws in fans to the stadium and his willingness to risk his own financial success in order to provide those fans with a better experience will continue to win him accolades and praises not to mention keep his net worth around $1 billion.
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