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The Los Angeles Angels hired Galatioto Sports Partners to explore the sale of the franchise, owner Arte Moreno announced in a statement on Tuesday.
Moreno purchased the team for $183.5 million in 2003, a year after the club won its only World Series title. The team was most recently valued at $2.2 billion, according to Forbes.
With a top-10 MLB payroll of $179 million featuring three-time MVP Mike Trout and reigning AL MVP Shohei Ohtani, expectations for 2022 were high — until the Angels went on a franchise-record 14-game losing streak that ended in June.
Moreno’s $320 million deal to purchase Angel Stadium and the surrounding parking lot from the city of Anaheim fell apart amid a federal investigation.
- The city council voted to terminate the sale in May, and mayor Harry Sidhu resigned amid accusations of bribery and obstruction of justice.
- The city was expected to refund $50 million to Moreno, plus as much as $5 million in transaction costs and potential legal fees.
- Proposed legislation would allow California’s Department of Housing and Community Development to block projects that violate state housing laws.
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The Angels are the second MLB franchise actively looking for a sale or alternatives to its ownership makeup.
In April, Washington Nationals managing principal owner Mark Lerner announced that the team would explore a sale. The bidding process is expected to conclude within the next several weeks and the team is expected to fetch between $2 billion and $3 billion.
