Drama Surrounds Baltimore Orioles' Ownership Group Amidst Sale Rumors
When the Baltimore Orioles and the state of Maryland announced they had agreed to a 30-year lease extension at Camden Yards, it seemingly put to bed all the rumors about the franchise being sold to another party.
There were fears that outside investors could use this opportunity to move a team to Nashville.
But, the Orioles are staying at Camden Yards for the foreseeable future and thoughts about a sale are now over.
Well, not necessarily.
John Angelos took over as the "control person" of Baltimore's franchise in 2020 when his father Peter, who originally purchased the team and became majority owner, started deteriorating health wise.
Things got nasty within the family as lawsuits were filed over how Peter's fortune would be distributed to the heirs following his death.
The Orioles are a major piece of this dispute.
Lindsey Adler and Jared Diamond of The Wall Street Journal, detail how Peter and John see differently about the family's involvement in the franchise moving forward.
"Court filings from last year revealed that before his health problems, Peter Angelos believed his surviving heirs should sell the Orioles so that his wife, Georgia, 'could enjoy the great wealth they had amassed together,'" they write.
However, John has no intention of selling.
In fact, he views this new lease as an opportunity to bring prominence to Baltimore, the area around the stadium, and the franchise he controls overall.
"John Angelos’s desire to hold on to the family team might have something to do with ambitions that go beyond bringing a championship to Baltimore. He envisions the Orioles’ downtown ballpark as the center of a large, mixed-use development complex, joining the growing list of sports owners who see value in using their franchises to anchor some even loftier real estate aspirations," they write.
It would be tough to blame John about viewing this new opportunity as a way to generate more revenue for the Orioles. After all, they are a historic franchise who has to operate like a small market team because of their financial restrictions.
The more revenue they can generate, the more they can put into the team.
Another aspect to this story is that billionaire Baltimore native, David Rubenstein, is interested in purchasing the team if it should become available.
As John shows no indication to sell and his father wants the Angelos family to no longer own the Orioles when he passes away, this continues to be a drama filled situation that directly involves a franchise that will likely be competing for World Series titles in the near future.
