‘Spectacular day for Anaheim’: City Council approves $150-million cash stadium sale to Angels owner

Local news
General view of the exterior of Angel Stadium on March 15, 2006. (Christian Petersen/Getty Images)

General view of the exterior of Angel Stadium on March 15, 2006. (Christian Petersen/Getty Images)

The Anaheim City Council voted early Wednesday to approve a revised deal with Angels owner Arte Moreno, selling Angel Stadium and the surrounding land for $150 million in cash in return for the team’s commitment to stay in Anaheim through 2050.

The council had voted last December to sell the 150-acre site to Moreno’s company, SRB Management, for $325 million. The city this month proposed to credit SRB for $170 million of that price, with the company agreeing to build almost 500 units of affordable housing and a seven-acre park within the community that will rise from the stadium parking lots.

After almost eight hours of debate — and after 1:30 a.m. Wednesday — the council approved the revised deal on a 5-2 vote, with council members Jose Moreno and Denise Barnes opposed. The council must take a second vote next week to finalize the deal, although that is considered a formality.

“This is a spectacular day for Anaheim,” Councilman Stephen Faessel said.

Read the full story on LATimes.com.

Most Popular

Latest News

More News

KTLA on Instagram

Instagram

KTLA on Facebook

KTLA on Twitter