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Angels owner Arte Moreno agrees to buy stadium, stay in Anaheim
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Los Angeles Angels owner Arte Moreno and his business partners have agreed to pay $325 million to buy the team’s home stadium and surrounding land as part of a tentative deal that would also keep the franchise in the city of Anaheim through 2050, officials announced Wednesday.
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The agreement calls for Moreno’s SRB Management LLC to buy Angel Stadium itself as well as 153 acres of city-owned land at a valuation of $2.1 million per acre, according to a press release. Moreno and his partners would take sole financial responsibility for any future stadium renovations, while the city of Anaheim will forfeit any claim of revenue from ticket sales and parking.
As part of the deal, the Angels would commit to remaining in Anaheim for at least the next three decades. The team would have the option of extending its stay for an additional 15 years beyond 2050.
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“We appreciate [Anaheim Mayor Harry Sidhu’s] leadership in working to keep the Angels here in Anaheim, which has been our home for over 50 years,” Moreno said in a statement. “Today is the first step in enabling us to invest in our future by building a winning team and delivering a high-quality fan experience.”