On second thought, Arte Moreno decided not to sell the Angels.
On Monday, seven months after putting the team up for sale, Moreno announced he would retain ownership. Potential buyers had been reviewing team finances and visiting the stadium, and initial bids were due next month.
“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,” 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.”
In August, Moreno announced he had hired an investment bank, stopping short of unconditionally committing to a sale but saying the process should start. “Now is the time,” Moreno said in a statement then.
It is not unheard of for an owner to field bids, then decide not to sell because the bids had fallen short. In this case, with the Angels projected to sell for a record price for a Major League Baseball franchise — at least $2.5 billion — Moreno decided over the past week to simply call off the sale without taking any bids.
It is uncertain whether such a bid would have materialized. It also is uncertain whether a bidder would have requested a price adjustment, because the Angel Stadium lease expires in 2029 and an owner likely would have to choose among hundreds of millions of dollars in renovation costs, perhaps $1 billion for a new ballpark, or trying to find a new location.
The decision could complicate the Angels’ efforts to retain superstar Shohei Ohtani, who can leave as a free agent after the season. Ohtani has made clear he wants to win. Under Moreno’s ownership, the Angels have not won a postseason game since 2009 or played in one since 2014, tied with the Detroit Tigers for baseball’s longest playoff drought.
Moreno, 76, bought the Angels for $183.5 million in 2003, one year after the team made the only World Series appearance in its 62-year history.
“Despite strong buyer interest in the Angels, Arte Moreno’s love of the game is most important to him. I am very pleased that the Moreno Family has decided to continue owning the team,” MLB commissioner Rob Manfred said in a statement.
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