After months of exploring a possible sale, the Angels announced on Monday that the exploratory process to sell the team has ended, with the Moreno family maintaining ownership of the club.
“During this process, it became clear that we have unfinished business and feel we can make a positive impact on the future of the team and the fan experience,” owner Arte Moreno said in a statement. “This offseason, we committed to a franchise-record player payroll and still want to accomplish our goal of bringing a World Series championship back to our fans. We are excited about this next chapter of Angels baseball.”
Moreno, 76, initially began a formal search to explore alternatives that included the potential sale of the team, in August. The Angels retained Galatioto Sports Partners to assist as financial advisors during the process by arranging meetings with interested buyers.
Despite heavy reported interest from several parties, Moreno decided he is not yet ready to let go of the club he has owned since 2003, when he purchased it for $184 million from The Walt Disney Company.
“We are grateful to Galatioto Sports Partners for their outstanding efforts throughout the process that allowed us to meet with a number of highly qualified individuals and groups who expressed strong interest in the club,” Moreno continued. “However, as discussions advanced and began to crystallize, we realized our hearts remain with the Angels, and we are not ready to part ways with the fans, players and our employees.”
Some of that unfinished business includes the pursuit of a new ballpark, which was close to a resolution last year before a deal for the Angels to purchase Angel Stadium and the surrounding acreage for additional development fell through. The Halos currently have a lease with Angel Stadium -- which they’ve called home since 1966 -- that runs through the 2029 season.
In the early part of Moreno’s tenure, the Angels won consistently, with American League West titles in 2004, ‘05, ’07, ’08, ’09 and ’14. They’ve struggled in recent years, having missed the postseason in each of the past eight seasons despite Moreno’s willingness to hand out large contracts to star free agents. A lot of those struggles are due to a lack of quality starting pitching, which the Halos have addressed this offseason with the signing of All-Star lefty Tyler Anderson.
MLB Commissioner Rob Manfred voiced his support of Moreno’s decision in a statement.
“Despite strong buyer interest in the Angels, Arte Moreno’s love of the game is most important to him,” Manfred said. “I am very pleased that the Moreno family has decided to continue owning the team.”