Tuesday, September 27, 2022

Orioles hire investment bank to assess potential sale amid ongoing ownership drama, per report

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The Baltimore Orioles are closing in on their first winning season since 2016, marking the end of a lengthy rebuild and a return to relevancy. Unfortunately, their ownership situation remains a mess. Earlier in the summer, it was revealed that ailing longtime owner Peter Angelos’ sons and wife are entangled in a lawsuit for control of the franchise. On Friday, Daniel Kaplan of The Athletic reported that the Orioles enlisted Goldman Sachs a few months ago in order to “assess the prospects for selling the team.”

The gist of the legal drama has Louis Angelos suing his brother, John, and his mother, Georgia, on the grounds that he has improperly taken over control. Louis has alleged that John has worked to undermine Georgia’s trust in him. His lawsuit also stated that Georgia wants to sell the team, and that John would prefer to relocate the team to Nashville, Tennessee, where his wife’s job is located. 

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Maryland’s state legislature has since committed more than $1 billion in funding to the Camden Yards Sports Complex, a move that would seem to eliminate any threat of the franchise relocating in the near future.

Kaplan’s sources warn that it’s not a given the Orioles will be placed on the market anytime soon, in part because of the taxes the Angelos family would have to pay if the club is sold while Peter is alive. (Peter, 93 years old, is said to now be “disabled,” according to the lawsuit.)

If the Orioles were to be put up for sale, they would join at least one and maybe two other franchises in that respect. The Washington Nationals are expected to change hands this winter, while Los Angeles Angels owner Arte Moreno announced earlier this year that he’s been investigating his options, including a possible sale.

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