Angelos Family is going To Sell Orioles
Angelos Family is going To Sell Orioles :- In a groundbreaking move that could reshape the future of the Baltimore Orioles, the Angelos family is reportedly on the verge of selling the team to a consortium led by private equity titans David Rubenstein and Mike Arougheti. According to Sportico and Puck News, the deal, valued at an eye-popping $1.725 billion, is set to be discussed at an upcoming owners meeting, pending league approval.
The Rubenstein-Arougheti group, including Orioles legend Cal Ripken Jr. in a smaller ownership role, is expected to initially acquire around 40% of the team’s ownership stake. The remainder of the Angelos family share will be transferred upon the passing of longtime owner Peter Angelos, currently 94 years old.
This potential sale marks the end of an era for the Angelos family, who took ownership of the Orioles in 1993. The family faced internal strife and legal disputes in recent years, culminating in the decision to explore a sale, with Rubenstein emerging as a frontrunner.
The reported sale price of $1.725 billion is a testament to the growth of the franchise’s value over the decades, representing nearly a tenfold increase from the $173 million the Angelos family paid for the team in 1993.
The impending change in ownership has raised questions about the future direction of the Orioles both on and off the field. The team, after enduring a rebuilding phase, made a resurgence in recent seasons, clinching a division title with 101 wins last year. However, the club has been cautious in committing to long-term contracts or major roster moves, leaving fans curious about the team’s strategy under new ownership, Angelos Family is going To Sell Orioles.
One aspect of the deal involves Rubenstein also acquiring the Orioles’ share in the Mid-Atlantic Sports Network (MASN). The implications of this move on the ongoing dispute between the Orioles and the Washington Nationals regarding MASN rights remain uncertain.
The ownership change could also impact the Orioles’ relationship with the city of Baltimore and the State of Maryland. Previously, negotiations for a lease agreement at Camden Yards were tied to a potential mixed-use development around the stadium. With the sale looming, the city and state could see new dynamics in their partnership with the team.
As the Orioles transition into this new chapter, fans and stakeholders alike eagerly await further details on the deal’s approval and the long-term vision of the Rubenstein-Arougheti ownership group. The potential shift in leadership carries significant implications not only for the Orioles but also for the broader landscape of baseball in Baltimore and beyond.
Angelos Family is going To Sell Orioles
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