Angels owner Arte Moreno takes...

Five months after owner Arte Moreno stated that "now is the moment," the Los Angeles Angels confirmed on Monday that the team will not be sold.

The Angels issued the following statement on behalf of the Moreno family:

"Throughout this process, it became evident that we have unfinished business and believe we can have a significant effect on the team's future and the fan experience," the statement adds. "... As conversations progressed and crystallized, we recognized that our hearts remain with the Angels, and we are unwilling to split ways with the fans, players, and workers."

Moreno's change of heart comes after he said on Aug. 23 that he was considering selling the team. Moreno, 76, paid $183.5 million purchased the Angels from the Walt Disney Company in 2003. According to the Los Angeles Times, if Moreno had sold, the Angels would have received at least $2.5 billion on the open market. Beyond the Angels' announcement, it was originally unclear why a deal did not materialize.

MLB commissioner Rob Manfred issued a statement in response to the verdict. The Angels won the franchise's lone World Series championship in 2002, the year before Moreno purchased the team. Since then, the Angels have made the playoffs six times without returning to the World Series. Last season was their seventh consecutive season without making the playoffs. They haven't had a winning season since 2015.

Moreno's decision comes amid uncertainty over the team's future home. Moreno was in discussions with the city of Anaheim to buy Angel Stadium for $320 million last spring, but the deal fell through due to a corruption scandal that forced then-mayor Harry Sidhu to retire. Instead, the Angels will continue to lease the facility until 2029.