Not because the beginning of the Baltimore Ravens has there been a much bigger change to sports activities within the Attraction Metropolis.
John Angelos is promoting the Orioles to David Rubenstein and Mike Arougheti for $1.725 billion, in keeping with John Ourand of Puck Information. The veteran sports activities enterprise scribe, who lately joined Puck after a protracted profession with Sports activities Enterprise Journal, stated that the 2 sides had been in discussions since December 2023. The information comes after the Angelos household introduced that it was exploring a sale for the staff throughout the 2023 season. Peter Angelos led a gaggle to purchase the staff in 1993 for $173 million.
The brand new homeowners could have a 40% stake within the staff however will take full possession upon Peter’s demise.
The Orioles have been in Baltimore since 1954 when a gaggle of native businessmen bought the St. Louis Browns and relocated the franchise. After practically 4 a long time in Memorial Stadium, the staff moved to the groundbreaking Oriole Park at Camden Yards, the retro-styled ballpark that sparked a brand new stadium building growth all through the USA that has but to completely subside.
Oriole Park definitely should play a task within the present valuation, however a aggressive staff and a regional sports activities channel that’s lastly working by way of its years-long battle with the Washington Nationals helped pull the asking value upward.
Whereas Rubenstein, a Baltimore native, and Arougheti are identified for his or her non-public fairness companies, it’s tough to say whether or not or not they may convey the controversial approaches of that trade to their stewardship of the staff. The Orioles are removed from a “distressed asset” as of late and as many a billionaire can attest to (good day, David Tepper!), working a sports activities franchise is a far completely different problem than different industries the place they’ve had success.
