MLB insider reports that Arte Moreno’s sudden decision not to sell Los Angeles Angels wasn’t about money: "He simply got cold feet at the end"

Five months after announcing that he was selling the Los Angeles Angels, owner Arte Moreno reversed course on Monday and pulled the team off the market.

The move shocked and surprised the baseball world. Most assumed that Moreno did not find a buyer to meet his asking price. However, according to MLB insider Alden Gonzalez, who covers baseball for ESPN, the owner "simply got cold feet at the end."

"He simply got cold feet at the end," MLB insider Alden Gonzalez tweeted.

In an announcement made on the Los Angeles Angels' Twitter account Monday, Moreno was quoted as saying "it became clear that we have unfinished business and feel we can make a positive impact on the future of the team and fan experience."

The 76-year-old Moreno bought the Angels for $183.5 million from the Walt Disney Company in 2003. In March 2022, Forbes magazine valued the team at $2.2 billion.

Potential buyers were rumored to be Los Angeles Times owner Patrick Soon-Shiong and Joe Lacob, the majority owner of the NBA's Golden State Warriors. It was expected that Moreno could fetch as much as $2.5 billion for the team.

Moreno announced on Aug. 22, 2022, that an "exploratory" search was being made for a potential sale of the club. At the time, he said "Now is the time," in relation to his selling of the team.

However, Moreno, the first Hispanic owner of a major sports team in the United States, decided that now wasn't yet the time for him and that he will remain in charge for a 21st season as owner.

Moreno wants to win a World Series as Los Angeles Angels owner

In his statement on the Los Angeles Angels' Twitter feed Monday, Moreno said the goal is to bring a "World Series Championship back to our fans."

The Angels last won a World Series in 2002, when they defeated the San Francisco Giants in the year before Moreno bought the team. Los Angeles did not make the playoffs in his first year of ownership, but qualified for the postseason in five of the next six seasons. The Angels advanced to the AL Championship Series in 2005 and 2009, but lost the pennant on both occasions.

Los Angeles has made the playoffs just once since 2009. In 2014, The Angels made the postseason, but were swept in the AL Division Series by the Kansas City Royals. Despite having one of the very best players in all of baseball, outfielder Mike Trout, on the roster, Los Angeles has not had a winning season since 2015.