After announcing, in August, that he would start an exploratory process that could result in selling the Los Angeles Angels, owner Arte Moreno backed down from those intentions and will remain in control of the team at least for the time being.
The news, shocking as it was, prompted people to speculate about the reasons behind Moreno’s U-turn.
“Spoke to a few more people in the aftermath of Arte Moreno’s stunning decision to back out of the Angels sale and can confidently say this: this was not a matter of prospective buyers not meeting his asking price; he simply got cold feet at the end,” ESPN reporter Alden Gonzalez tweeted in a very revealing thread.
Spoke to a few more people in the aftermath of Arte Moreno’s stunning decision to back out of the Angels sale and can confidently say this: this was not a matter of prospective buyers not meeting his asking price; he simply got cold feet at the end. (1/)
— Alden González (@Alden_Gonzalez) January 24, 2023
Gonzalez confirmed The Athletic’s Sam Blum’s report that there were five potential buyers willing to pay at least $2.5 billion, a sizable figure.
To the contrary of the Oakland Athletics, for example, the Angels are seen as a good investment and a prime franchise to acquire for several reasons that go from their location in Southern California, good attendance, no debt, and more.
Bids were due in February, so Moreno really backed down at the very last minute.
Eventually, Moreno could go to the market again to try and sell the franchise.
There is no doubt, however, that his sudden decision to back down will impact potential buyers, who may not want to go down that road again only to be left empty-handed.
In the end, Moreno’s choice to keep the team for now could end up biting him later down the road.
For now, though, he will try to make the Angels competitive, something that hasn’t happened in a while.
NEXT: Angels Insider Reveals How Many People Wanted The Team