John Angelos Agreed to Sell Baltimore Orioles for 1.725 Billion
Say word? Yes, the MLB grapevine is on fire; ownership is in the midst of changing hands up in Baltimore. Sources are saying, that ball club owner, John Angelos agreed to sell Baltimore Orioles for 1.725 Billion.
The shocking report, first came by way of Puck News. The sports news entity states,
“NEW: A group led by private equity billionaires David Rubenstein and Mike Arougheti is buying the Orioles for $1.725 billion. Puck sports business correspondent, John Ourand reports.”
Very interesting. What other details can John Ourand currently provide in regards to who is taking over the reins? Ourand says,
“It looks like the Orioles sale is finally going to happen. I’ve had several plugged-in sources tell me that the team’s owner, John Angelos, has agreed to sell the franchise to a group led by two private equity billionaires: David Rubenstein, who started the Carlyle Group, hails from Baltimore, and has been tied to the deal for months; and Ares Management Corp. co-founder Mike Arougheti, who lives in New York. The extent of Arougheti’s involvement is unclear, but Rubenstein will become the ‘control person,’ the term MLB uses for teams’ decision-makers. The deal values the club at $1.725 billion.”
Furthermore, CBS Sports is also confirming the news of this possible sell. Their writer, RJ Anderson says,
“John Angelos and the rest of the Angelos family, the owners of the Baltimore Orioles since 1993, have reportedly agreed to sell the franchise to billionaires David Rubenstein and Mike Arougheti for $1.725 billion, according to John Ourand of Puck. Ourand adds that Rubenstein and Arougheti will initially purchase 40% of the club before buying the rest following Peter Angelos’ death. There is no estimated date on when the deal will close, but it is expected to be discussed at the owners’ meetings scheduled for next week in Orlando, Florida.
Peter Angelos first purchased the Orioles for $173 million in 1993, buying the club from venture capitalist Eli Jacobs. Peter became incapacitated in recent years, leading to his son John becoming the face of the franchise.”
John Angelos Agreed to Sell Baltimore Orioles for 1.725 Billion
Wild. However, you may be wondering why this transaction is being linked to Peter Angeleno’s passing? Simple… money.
The wealthy prefer to keep as much of their coins as possible. Sportico briefly dives into this aspect. Sportico mentions,
“As Sportico’s Eben Novy-Williams noted, the Angelos family’s interest in structuring the deal around Peter’s death has to do with the potential tax hit:
Should the Orioles sell while Peter Angelos is still alive, it could cost the family hundreds of millions in capital-gains taxes, a number that would decrease if the team is sold after his death. That tax burden has been a critical part of the family’s thinking in talks with potential buyers.”
Nonetheless, don’t worry about the Angelos family they are going to make out just fine and dandy. Their investment into the Orioles was a darn good one. As ESPN’s Buster Olney states,
“Peter Angelos bought the Orioles for $173m. Reportedly, they have been sold for $1.75 billion. The deal turned out ok for the Angelos family.”
MLB Owners to Meet About John Angelos Sell of Orioles
Are we forgetting anything? Of course. The MLB owners. For this sell to go through, all of the owners WILL have to approve it.
When will they meet? When will a final decision actually be made. USA Today’s Gabe Lacques, reports,
“Puck reported that Rubenstein plans to purchase a 40% stake in the club until the elder Angelos’ death, after which the new owners will purchase the remainder. MLB owners are scheduled for a quarterly meeting in Orlando, Florida, next week; any approval of the sale likely would not come until the following quarter, after significant due diligence by the league.
The Orioles never advanced to a World Series under the Angelos reign. [Furthermore]… John Angelos complained in a New York Times interview in August that he would have to vastly increase prices to afford retaining the Orioles’ gaggle of young stars, and also put off extending the club’s lease at Camden Yards in hopes of developing a multi-use development near the stadium that ushered in a ballpark renaissance in the ’90s.”
Man. By the looks of things, this sell could help the Orioles franchise and fanbase out A LOT. David Rubenstein, 74, with a net worth estimated at $3.7 billion; will provide the biggest financial muscle behind the proposed purchase.
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