Angels buy stadium and will stay in Anaheim through 2050

After years of speculation of the Angels moving to a different city within Southern California, the Angels finally hammered out a deal to stay.

Per an LA Times report, the Angels and the city of Anaheim have agreed to keep the Angels in town for 30 additional years. As part of the deal, the Angels will reportedly buy the stadium and its surrounding parking lots for $325 million.

Update: An OC Register article by Alicia Robinson presents more details, including that the Angels are deliberating whether to renovate the stadium or construct a new one:

Any deal was expected to hinge on the sale or lease and development of property around the stadium, and the land still likely will be developed with apartments and condos, restaurants, hotels and entertainment businesses – but the city now will make money from increases in property and sales taxes rather than getting a direct cut of stadium or development revenue. [...]

The council is expected to vote on the land sale portion of the deal at a special meeting Dec. 20, with a development agreement and community benefit provisions to follow in the spring. The purchaser, SRB Management LLC (which includes Moreno and other undisclosed partners), would need city approval of development plans for the property – those are expected to emerge in the next few years.

Angels officials are still considering whether to renovate the stadium or build a new one, team spokeswoman Marie Garvey said. They’ve hired HKS Architects – which designed Minneapolis’ recently opened NFL stadium and is working on a new ballpark for the Texas Rangers – to explore their options.