The Angelos family is engaged in talks to sell the Baltimore Orioles, reports Gillain Tan of Bloomberg. The Angelos family and billionaire David Rubenstein, co-founder of multinational private equity firm The Carlyle Group, are in negotiations and a deal could close in the first half of 2024, according to the Bloomberg report.
The timing of the report is certainly interesting.
The Orioles lease on Oriole Park at Camden Yards –one of the best, if not the best ballpark in baseball– runs through the end of 2023. The Angelos family had an opportunity in February 2023 to lock in a five-year lease extension with the Maryland Stadium Authority, however they chose not to do so in hopes of leveraging more out of the state. The State of Maryland has a new law on the books that could allow the Orioles, and the neighboring Baltimore Ravens, to borrow up to $600 million in public funds for stadium and site renovations. Angelos’ reportedly wants something similar to The Battery at the Atlanta Braves’ Truist Park.
It’s unbelievable, but Oriole Park at Camden Yards opened its doors for baseball on April 6, 1992, making the 2024 MLB regular season the ballpark’s 32nd season. While Oriole Park at Camden Yards is still seen as one of the best ballparks in baseball, the facility is beginning to show its age and renovations are needed. The Angelos family and the state of Maryland had seemingly entered into 30-year lease agreement in September; however, it turns out the agreement was only a “memorandum of understanding.” The O’s lease will still expire in just 23-days on December 31, 2023. There’s a belief the two sides will enter a short-term lease extension, but there’s no guarantees.
The ballpark issue and infighting amongst the Angelos family –notably a since settled lawsuit between brothers, John and Louis Angelos– that is pushing a sale forward. Principal owner Peter Angelos’ role with the club greatly diminished after a medical episode in 2017 which set the table for a more extensive role for additional family members. The fighting commenced almost immediately with the sale of the ballclub and the ballpark as the crux of the issues. Also at issue is the longtime legal dispute between Angelos’ and the Orioles and the Washington Nationals and MLB over MASN TV rights fees. The dispute was partially settled this past summer when a New York court ruled in favor of MLB and the Nationals, however there are still outstanding legal issues related to the network that are causing a drain on the Angelos’ family’s pockets.
Statement from Orioles Chairman and CEO John Angelos: pic.twitter.com/A1lqCcRRBm
— Baltimore Orioles (@Orioles) June 13, 2022
The chaos has opened the doors for a sale and Rubenstein has apparently barreled right through.
The 74-year-old is worth a reported $4.6 billion according to Bloomberg’s report He is also a native of Baltimore and a known O’s fan. Bloomberg’s report adds, Rubenstein has previously told friends and backers that he would consider buying the Orioles if a sale were to materialize. He was previously part of a group that was interested in purchasing a piece of the Nationals. Neither the Orioles nor Rubenstein provided a statement to Bloomberg regarding the report. It’s also noted a deal with Rubenstein could fall through and there are other potential suitors in the O’s sweepstakes.
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