The Los Angeles Angels head Arte Moreno has initiated a formal process to evaluate strategic alternatives, “including a possible sale of the team,” the MLB franchise announced.
“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,” Moreno wrote in his statement. “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 Angels in 2003 from Walt Disney for $184 million and has presided over the franchise ever since. In March, Forbes estimated that the team is now worth $2.2 billion.
Moreno called his two-decade ownership tenure a “great honor and privilege.” The Angels said they retained Galatioto Sports Partners to be their financial adviser in the process.
According to media reports, years of poor decisions and Moreno’s influence in the team have fueled the Angels’ struggles, despite the team featuring stars Mike Trout and Shohei Ohtani.
The move might open the doors for a trade of Japanese pitcher and batter Ohtani, a widely expected move in the league.