Stadium Authority to discuss change in team’s ownership
$1.725B deal awaits MLB owners’ OK
As Major League Baseball’s opening day approaches, so, too, does the official transfer in Orioles ownership.
The Angelos family — longtime owners of the Orioles — agreed earlier this year to sell the club and its assets, valued at $1.725 billion, to a group led by Baltimore native and billionaire David Rubenstein. The sale of a controlling stake has received preliminary approval from a committee of MLB owners, but is awaiting formal approval from a full vote of owners.
In the meantime, the Maryland Stadium Authority board will, for the first time, formally discuss Wednesday the transfer in ownership. The meeting is a special one: The board typically meets at the beginning of each month. The agenda for the ad hoc meeting includes a discussion of the “Transfer of Partnership Interests in Baltimore Orioles Limited Partnership.”
Authority Chair Craig Thompson, who first met with Rubenstein earlier this month, described the discussion as an “administrative” matter that MLB requires.
The Orioles signed a lease with the stadium authority, which owns Oriole Park at Camden Yards, in December that guarantees the team will remain in Baltimore for at least 15 years and unlocks about $400 million in state-funded improvements to the ballpark. That lease remains the same, no matter who owns the team.
In addition to Rubenstein, the new ownership group includes Orioles legend Cal Ripken Jr., billionaire and former New York City Mayor Michael Bloomberg, former Baltimore Mayor Kurt Schmoke, Basketball Hall of Famer Grant Hill, Ares Management co-founder Michael Arougheti, and Washington Spirit owner Michele Kang.
The group will initially assume about a 40% ownership stake in the club, with an agreement to purchase the remaining equity upon the death of Peter Angelos, the family’s 94-year-old patriarch.
In addition to the Angelos family’s majority stake, the club’s minority owners were also given the opportunity to sell roughly 40% of their stake in the team, part-owner and former tennis star Pam Shriver told The Baltimore Sun. She agreed to sell a portion of her ownership piece, while retaining the rest.
Regardless of ownership group, baseball will soon return to Baltimore: The Orioles will open what many expect to be a promising season at home against the Los Angeles Angels on March 28.