Arte Moreno, who has owned the Los Angeles Angels for nearly two decades, announced Tuesday he is exploring a possible sale of the franchise.
The team announced it has hired a financial advising firm to evaluate “strategic alternatives including a possible sale of the team.”
“It has been a great honor and privilege to own the Angels for 20 seasons,” Moreno said in a statement released by the team. “As an organization, we have worked to provide our fans an affordable and family-friendly ballpark experience while fielding competitive lineups which included some of the game’s all-time greatest players.
“Although this difficult decision was entirely our choice and deserved a great deal of thoughtful consideration, my family and I have ultimately come to the conclusion that now is the time. Throughout this process, we will continue to run the franchise in the best interest of our fans, employees, players, and business partners.”
Moreno bought the team for about $180 million from the Walt Disney Co. in 2003.
The team has retained Galatioto Sports Partners as a financial adviser to explore alternatives.