On Wednesday, the Los Angeles Angels and the city of Anaheim reached a deal that keeps the Angels playing in Anaheim through 2050. According to Bill Shaikin of the Los Angeles Times, a company affiliated with Angels owner Arte Moreno is set to purchase Angel Stadium, the fourth-oldest ballpark in Major League Baseball, and the surrounding parking lots for 5 million. 
Shaikin reports that the agreement between the Angels and the city of Anaheim does not commit the ball club to any specific plan for development on the 153-acre area. A separate agreement is likely to take place within the next year, with more details on the use for the space, whether it’s for entertainment, shopping, dining or housing.
The deal also includes options that could extend the deal through 2065. As Shaikin notes, the Angels were facing a Dec. 31 deadline to opt out of their Angel Stadium lease, or they would remain bound to it through 2029. The Anaheim City Council is expected to approve the proposed agreement later this month.
“We appreciate the mayor’s leadership in working to keep the Angels here in Anaheim, which has been our home for over 50 years,” Moreno said in a team statement. “Today is the first step in enabling us to invest in our future by building a winning team and delivering a high-quality fan experience.” The Angels have hired HKS Architects, the firm that advised the Texas Rangers on their new ballpark, Globe Life Field. HKS Architects also worked with the Dodgers on their stadium renovations.