The sale is expected to close by '25, with new development expected to extend through to '50GETTY IMAGES
The Anaheim City Council approved the $325M sale of city-owned Angel Stadium and the "surrounding parking lots" to SRB Management, a company controlled by Angels Owner Arte Moreno, according to Bill Shaikin of the L.A. TIMES. The sale, which was approved by a 4-2 vote, is the first in a "series of agreements intended to transform an aging stadium and acres of parking lots into a vibrant entertainment district" that would make the area "come alive" before and after the club plays and on non-game days. The deal is "expected to close" by '25 and development is "expected to extend" to '50. SRB Management has "six months to deliver a development plan to the city, including a decision on whether to build a new stadium or rebuild the existing one." The city does "not receive any money immediately." The city would receive its first payment of $20M in '20, "assuming the city approves the development agreement" (L.A. TIMES, 12/21).
