WEB Angels Take $275-Million Settlement from Anaheim Over Doomed Stadium Deal
The Anaheim Angels have reached a $275-million settlement with the city of Anaheim over the doomed Angel Stadium deal.
Agreement with Angels
The settlement, which was announced on Tuesday, resolves a lawsuit that the Angels filed against the city in 2020. The lawsuit alleged that the city had breached its contract with the team by failing to build a new stadium for the Angels.
Under the terms of the settlement, the city will pay the Angels $275 million over the next 20 years. The Angels will also be allowed to break their lease on Angel Stadium early and move to a new stadium in a different city.
Auditor's Report
The settlement comes after a scathing audit of the stadium deal was released earlier this year. The audit found that the city had made a series of missteps in its negotiations with the Angels, including failing to get a binding agreement from the team on a new stadium.
State Investigation
The California state auditor is now set to launch an investigation into the failed stadium deal. The investigation will focus on the city's role in the negotiations and whether any laws were broken.
Impact on Angels
The settlement is a major victory for the Angels, who have been looking to move out of Angel Stadium for several years. The team is now free to explore other options for a new stadium, including moving to a different city.
Impact on Anaheim
The settlement is a major setback for the city of Anaheim, which had hoped to keep the Angels in town. The city is now facing a $275-million bill and the prospect of losing a major economic driver.
Conclusion
The settlement of the Angel Stadium deal is a reminder of the importance of careful planning and negotiation when it comes to public-private partnerships. The city of Anaheim made a series of missteps in its negotiations with the Angels, which ultimately led to the failed stadium deal.
Comments