Angels Stadium Drama Continues With News Of Audit That Could Nullify Current Lease

Angel Stadium Sale Investigation

Background

In 2022, the city of Anaheim agreed to sell Angel Stadium to SRB Management, a business group led by Angels owner Arte Moreno. The sale was part of a larger plan to redevelop the area around the stadium. However, the sale fell through in 2023 after the city and SRB Management could not come to an agreement on the terms of the deal. The California State Auditor has since launched an investigation into the failed sale. The investigation will look into the financial impact of the sale on the city, as well as the process by which the city negotiated the deal with SRB Management.

Key Points

• The Angels' lease at Angel Stadium extends through 2029, with options to remain through 2038.
• The state auditor's investigation will focus on the financial impact of the failed sale on the city and the negotiation process with SRB Management.
• The Angels have not announced any plans to leave Angel Stadium.

The investigation is ongoing, and no findings have been released yet. However, the results of the investigation could have a significant impact on the future of Angel Stadium and the Angels' relationship with the city of Anaheim.

Reasons for Investigation

The state auditor's investigation into the failed Angel Stadium sale is likely due to a number of factors, including:

• The large amount of public money that was involved in the deal.
• The lack of transparency in the negotiation process between the city and SRB Management.
• Questions about the financial viability of the proposed redevelopment project.

Public Money

The city of Anaheim agreed to pay the Angels $275 million as part of the sale agreement. This money was intended to cover the costs of the Angels' relocation to a new stadium. However, the sale fell through before the Angels had a chance to move out of Angel Stadium. As a result, the city of Anaheim is now on the hook for the $275 million payment, even though the Angels are still playing at Angel Stadium. This has raised questions about the financial wisdom of the sale agreement.

Transparency

The negotiation process between the city and SRB Management was not transparent. The public was not given access to the details of the deal until after it had been finalized. This lack of transparency has led to questions about whether the deal was fair to the city.

Financial Viability

The proposed redevelopment project for the area around Angel Stadium was ambitious. It included plans for a new stadium, a hotel, and a retail complex. However, there were questions about whether the project was financially viable. The state auditor's investigation will likely examine the financial viability of the proposed redevelopment project. The results of the investigation could impact the future of the project.