After reports surfaced Monday that the company had narrowed the field to three bidders, it was reported Tuesday that Moreno's bid of $180 million has been accepted.
The deal, which could be approved by Major League Baseball's owners in a meeting in May, would make Moreno the first Mexican-American to be the majority owner of a Major League baseball club. Moreno previously had a minority stake in the Arizona Diamondbacks.
Disney, which also owns the NHL's Mighty Ducks of Anaheim, reportedly has been seeking a buyer for both of sports entities for more than a year. Amid rumors that the Angels might be sold, or possibly even contracted, the team went on to win the World Series in 2002.
The entertainment giant purchased a minority stake in the team in 1996 and the rest of the team from original owner Gene Autry in 1998 for a total of $147 million. Expectations were the club could fetch as much as $180 million this time around.
The 56-year-old Moreno is the former president of Outdoor Systems Inc. He also held a small stake in the NBA's Phoenix Suns and has an estimated net worth of $940 million.
According to one report Monday, real estate developer Frank McCourt and the Nederlander family were among the finalists for the team.