General Manager Billy Eppler and owner Artie Morena watch Joe Madden speak to the media at a press conference where he was introduced as the new manager of the Los Angeles Angels today during a press conference at Angel Stadium in ‘Anaheim on October 24, 2019 in Anaheim, California.
Jayne Kamin-oncea | Getty Images
Los Angeles Angels owner Arte Moreno is exploring a possible sale of the team and other strategic options, the team announced Tuesday.
“It has been a great honor and privilege to own the Angels for 20 seasons,” Moreno said in a statement. “Although this difficult decision was entirely our choice and deserved a lot of thought, my family and I have finally come to the conclusion that the time is right.”
The Angels are valued at $2.2 billion, according to Forbes. The team is under .500 for the season despite the outstanding performance of pitcher and designated hitter Shohei Ohtani.
Moreno, who bought the Angels in 2003 for $180 million, made most of his money with his company Outdoor Systems, which was bought by Infinity Broadcasting in 1999 for $8.7 billion.
The Angels have been embroiled in a political scandal in the city of Anaheim, where Disneyland is also based. According to the Los Angeles Times.
The issue is part of a larger scandal in Anaheim, according to the LA Times. The former head of the city’s Chamber of Commerce has been accused of lying to a mortgage lender, and the FBI has described a small group of officials, consultants and business leaders who sought to exert influence on the Anaheim government.