California to Audit Angel Stadium Deal
- California lawmakers approved an emergency audit of the Angel Stadium deal.
- The $500 million stadium was almost sold for $320 million, prompting the audit request.
- The audit comes two years after the deal was nearly finalized.
California’s Joint Legislative Audit Committee has authorized an emergency audit of Anaheim's negotiations with the Los Angeles Angels regarding the lease and sale of Angel Stadium. This decision, announced on August 14, comes just hours before a proposed sale of the stadium for $320 million, a figure nearly $200 million below its market value. Lawmakers, including former city councilman Tom Umberg, emphasize the need to investigate past decisions made by city officials to ensure a beneficial outcome for Anaheim residents and the future of the stadium. Umberg expressed that understanding the implications of previous negotiations is crucial for moving forward, while fellow lawmaker Jose Valencia highlighted the community's desire for a world-class stadium and team. The state auditor has not provided a timeline for the completion of the review, but it is expected to occur within the next year. City spokesperson Lyster noted that the stadium lease has undergone extensive scrutiny, with audits conducted every three to four years, the next one scheduled for 2025. Lyster also mentioned that annual reviews of parking, ticket, and event revenues are conducted, with the last full audit confirming compliance with lease terms. The current lease is set to expire on December 31, 2029, with an option for a nine-year extension under the same conditions. Since 2012, the Angels have reportedly invested $30 million in stadium improvements, including maintenance and upgrades to facilities, while Anaheim has settled for $2.75 million in future revenue credits.