Angels reportedly reach sale agreement

Anaheim, CA (Sports Network) - The Anaheim Angels have reportedly reached a sale agreement in principle with Phoenix businessman Arturo Moreno.

The Wall Street Journal, according to anonymous sources, reported the deal to be worth just over $180 million.

The Angels are owned by the Walt Disney Company, which purchased a minority share from Gene Autry in 1996 and acquired the remainder of the club after the owner's death in 1998. Autry had owned the club since it joined the American League as an expansion franchise in 1961.

The Disney Company, which reportedly paid a total of $147 million for the club, said it has been losing money with the franchise and recently stepped up its effort to sell the team following the World Series title of last year.

The Angels have a lease with Anaheim that includes a clause to keep the team in the city through at least 2017, even if the club is sold.

Moreno, according to Forbes magazine, has an estimated net worth of $940 million. He had been a minority investor with the Arizona Diamondbacks.

04/15 20:36:23 ET