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Not for the reason that delivery of the Baltimore Ravens has there been a much bigger change to sports activities within the Attraction Metropolis.
John Angelos is selling the Orioles to David Rubenstein and Mike Arougheti for $1.725 billion, based on 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, mentioned 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 workforce throughout the 2023 season. Peter Angelos led a gaggle to purchase the workforce in 1993 for $173 million.
The brand new homeowners could have a 40% stake within the workforce 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 practically 4 a long time in Memorial Stadium, the workforce moved to the groundbreaking Oriole Park at Camden Yards, the retro-styled ballpark that sparked a brand new stadium development growth all through america that has but to completely subside.
Oriole Park actually should play a task within the present valuation, however a aggressive workforce and a regional sports activities channel that’s lastly working via its years-long conflict 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 companies, it’s troublesome to say whether or not or not they may deliver the controversial approaches of that trade to their stewardship of the workforce. The Orioles are removed from a “distressed asset” today and as many a billionaire can attest to (good day, David Tepper!), operating a sports activities franchise is a far completely different problem than different industries the place they’ve had success.
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