Los Angeles Angels owner Arte Moreno looking into selling team

The Los Angeles Angels may soon be up for sale.

Team owner Arte Moreno announced Tuesday that he has "initiated a formal process" that could result in selling the franchise he originally purchased in 2003 for $184 million.

According to Forbes, the Angels are now worth approximately $2.2 billion.

"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," Moreno said in a statement.

"Throughout this process, we will continue to run the franchise in the best interest of our fans, employees, players, and business partners."

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Despite a star-studded roster that includes Shohei Ohtani, Mike Trout and Anthony Rendon, the Angels have struggled this season since getting off to a promising start.

The club fired manager Joe Maddon in June in the middle of a 14-game losing streak, but the results have been even worse under new skipper Phil Nevin. Entering play Tuesday, the Angels were 52-70 and 25 1/2 games behind the Houston Astros in the AL West standings.

The Angels haven't won a postseason game since 2009 and have made only one postseason appearance since three-time AL MVP Trout joined the major league roster in 2011.

This article originally appeared on USA TODAY: LA Angels owner Arte Moreno exploring potential sale