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Not because the start 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 not too long ago 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 crew through the 2023 season. Peter Angelos led a gaggle to purchase the crew in 1993 for $173 million.
The brand new house owners could have a 40% stake within the crew however will take full possession upon Peter’s dying.
The Orioles have been in Baltimore since 1954 when a gaggle of native businessmen bought the St. Louis Browns and relocated the franchise. After almost 4 many years in Memorial Stadium, the crew moved to the groundbreaking Oriole Park at Camden Yards, the retro-styled ballpark that sparked a brand new stadium development growth all through the USA that has but to completely subside.
Oriole Park definitely should play a job within the present valuation, however a aggressive crew and a regional sports activities channel that’s lastly working by means 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 personal fairness corporations, it’s troublesome to say whether or not or not they’ll convey the controversial approaches of that trade to their stewardship of the crew. The Orioles are removed from a “distressed asset” as of late and as many a billionaire can attest to (hiya, David Tepper!), working a sports activities franchise is a far totally different problem than different industries the place they’ve had success.
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