Los Angeles Angels owner Arte Moreno is exploring a possible sale of the team and other strategic options, the team announced Tuesday.
“It has been a great honor and privilege to own the Angels for 20 seasons,” Moreno said in a release. “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.”
The Angels are valued at $2.2 billion, according to Forbes. The team is under .500 for the season despite the standout performance of pitcher and designated hitter Shohei Ohtani.
Moreno, who bought the Angels in 2003 for $180 million, made most of his money with his company Outdoor Systems, which was purchased by Infinity Broadcasting in 1999 for $8.7 billion.
The Angels have been implicated in an political scandal in the city of Anaheim, where Disneyland is also based. The FBI said in a court filing that Harry Sidhu, Anaheim’s mayor who has since resigned, is believed to have shared confidential information with Angels representatives about the city’s planned sale of Angel Stadium in exchange for a donation to his reelection campaign, according to the Los Angeles Times.
The issue is part of a larger scandal in Anaheim, according to the L.A. Times. The former head of the city’s chamber of commerce was charged with lying to a mortgage lender, and the FBI has described a small group of public officials, consultants and business leaders who sought to exert influence over Anaheim’s government.