After 20 years, Los Angeles Angels owner Arte Moreno will explore selling the team.
Moreno, 76, bought the Angels in 2003 for $184 million from The Walt Disney Company. The team is now reportedly valued at over $2 billion.
"It has been a great honor and privilege to own the Angels for 20 seasons," Moreno said in a statement.
"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.
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"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."
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The Angels have retained Galatioto Sports Partners as their financial advisor as they explore the opportunity of a sale.
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During Moreno’s time as owner of the Angels, the team has won six division titles and gone to the postseason six times. But the Angels have failed to reach the postseason since the 2014 season, with the last seven years being particularly trying. The Angels have finished each season since 2015 below .500.
In June, LA fired manager Joe Maddon during a 12-game losing streak, naming third base coach Phil Nevin as interim manager. Since replacing Maddon as manager, the Angels have gone 25-41 and are 18 games under .500.
The Angels lease to continue playing at Angels Stadium in Anaheim, California, runs through 2029, according to The Orange Country Register.
