Angels Still in Disney’s World

The Walt Disney Co. is likely to operate the Angels for at least one more season after negotiations apparently broke down with the company’s intended buyer, John Henry.

Disney had negotiated for weeks with Henry, the owner of the Florida Marlins. As of Friday morning, a source close to the negotiations told The Times the talks had cooled considerably, with Disney awaiting Henry’s next move.

The Boston Globe reported in today’s editions that Henry plans to sell the Marlins to Jeffrey Loria, the owner of the Montreal Expos, and then join a group bidding for the Boston Red Sox. Neither Henry nor Angel President Tony Tavares could be reached for comment on the report.

Henry would join a group led by television producer and former San Diego Padre owner Tom Werner, one of several bidding for the Red Sox. If that bid fails, Henry could resume negotiations with Disney for the Angels.

But Disney might have to lower its asking price, with Henry or other suitors. It could not be confirmed Friday that Henry’s interest waned because of Disney’s sale price, but at least two Orange County investment groups--one led by former Commissioner Peter Ueberroth--have decided not to bid for the Angels because they considered the price excessively high.

In sale negotiations two years ago, Disney valued the Angels at $300 million. The company told major league officials it would accept $250 million, sources said, as part of a plan in which the Minnesota Twins and Montreal Expos would be dissolved, with Loria buying the Marlins and Henry buying the Angels. Forbes magazine values the Angels at $198 million.

Loria is expected to pay $150 million for the Marlins, valued by Forbes at $128 million.

It is uncertain whether major league owners will pay Loria as much as $150 million to buy out the Expos, valued by Forbes at $92 million.

If there is no contraction, and Loria buys the Marlins, major league baseball could wind up running the Expos.

As owners meet Tuesday to discuss how to implement the rest of their plan, Disney appears stuck on the sidelines and stuck with a team Tavares recently called “no longer a strategic asset” to the company.

Disney considered Henry an ideal buyer for several reasons, including the fact that he could take over operation of the team quickly. As an existing owner, Henry would not have needed to endure a major league approval process that can take as long as one year.

That timetable means that Disney is virtually assured of operating the Angels next season, even if the company were to reach a sale agreement today with an individual or investment group not currently involved in baseball ownership. Disney has projected a loss of more than $10 million on the Angels next season.