Moreno originally announced that he was considering the back in August 2022. Moreno bought the team in 2003 for about $180 million from the Walt Disney Co., following the team's only World Series championship in 2002.
At the time he announced the attempt to sell the team, Moreno said, "my family and I have ultimately come to the conclusion that now is the time."
In a post to the Angels' official Instagram page Monday, Moreno said the decision to keep the team came down to "unfinished business."
PREVIOUS COVERAGE: LA Angels owner Arte Moreno considering options to sell team
"During this process, it became clear that we have unfinished business and feel we can make a positive impact on the future of the team and the fan experience," the post read. "This offseason we committed to a franchise record player payroll and still want to accomplish our goal of bringing a World Series Championship back to our fans. We are excited about this next chapter of Angels Baseball."
Moreno also thanked the sports group he hired as the financial adviser to help sell the team.
"We realized our hearts remain with the Angels, and we are not ready to part ways with the fans, players, and our employees," Moreno wrote.
The Angels have suffered seven straight losing seasons, the last winning season coming in 2015, when the team was still known as the Los Angeles Angels of Anaheim.
The Angels have a lease to play at Angel Stadium through 2029 with the option for three three-year extensions through 2038.
City News Service contributed to this story.