Los Angeles Angels owner Arte Moreno on Tuesday said that he is exploring a "possible sale of the team."

"It has been a great honor and privilege to own the Angels for 20 seasons," Moreno said in a statement. "As an organization, we have worked to provide our fans an affordable and family-friendly ballpark experience while fielding competitive lineups which included some of the game's all-time greatest players.

"Although this difficult decision was entirely our choice and deserved a great deal of thoughtful consideration, my family and I have ultimately come to the conclusion that now is the time. Throughout this process, we will continue to run the franchise in the best interest of our fans, employees, players, and business partners."

Moreno, the first Mexican-American to become majority owner of a major league team, purchased the Angels from The Walt Disney Company in 2003 for approximately $184 million. The team in March was estimated to be worth $2.2 billion by Forbes magazine.