In 1960, Reynolds and Autry founded the Major League Baseball expansion team the Los Angeles Angels. At the time that he and Autry received the franchise for the American League's new Los Angeles franchise, Reynolds described his transition to a "baseball man" and his long relationship with Autry:"'My transformation into the town's No. 1 baseball fan,' he grinned, 'occurred the minute we were given the franchise, and I found out I had a little personal investment at stake.' … 'I'd known Gene for at least 15 years, and we always hoped to own a radio station together,' explained Bob. 'We satisfied that ambition with the acquisition of KMPC in 1952. Now we have a baseball team, and we're out to make it the best.'" Reynolds served as president and co-owner of the Angels from the team's first season in 1961 until 1974. He stepped down as president of the Angels and sold his 20% ownership interest to Autry at the Winter Meetings on December 2, 1974.