Orioles hired investment bank to evaluate potential team sale: report

Orioles hired investment bank to evaluate potential team sale: report

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The Baltimore Orioles signed Goldman Sachs to “assess the team’s sales prospects,” according to The Athletic.

The team is not officially for sale, but the future of team ownership is certainly in limbo considering the drama within the current group of owners.

Signage at warehouse outside Oriole Park at Camden Yards, Aug. 7, 2022, in Baltimore.

Signage at warehouse outside Oriole Park at Camden Yards, Aug. 7, 2022, in Baltimore.
(Mitchell Layton/Getty Images)

Louis Angelos, son of owner Peter Angelos, filed a lawsuit in June against his brother and mother, John and Georgia, to force the sale of the team.

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Louis argues in his suit that John “sought to take control of his father’s estate and completely exclude him,” the suit reads.

“The corrupting effect of John’s actions was to completely thwart [Louis] Angelos’ intentions,” the suit added. “John intends to maintain absolute control over the Orioles – manage, sell or, if you prefer, move to Tennessee [where he has a home and where his wife’s career is headquartered] — without having to answer to anyone.”

The suit also says Georgia wants to sell the team when her sick husband dies.

Exterior view of Oriole Park at Camden Yards August 15, 2003 in Baltimore.

Exterior view of Oriole Park at Camden Yards August 15, 2003 in Baltimore.
(Jerry Driendl/Getty Images)

However, John recently said that the O’s will “stay in baltimore …while Fort McHenry is guarding the Inner Harbor.”

Georgia added that “Any suggestion that Peter, John or I would explore moving the club is false and intentionally divisive.”

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A move is unlikely, especially considering the Maryland legislature has committed $1.2 billion for improvements to Camden Yards.

The team would also likely not be put up for sale, if at all, until Peter died. The Angelos family would have to pay a large sum in taxes if a sale before that took place. Georgia is in line for full control of the tax-exempt team.

An overview of Orioles Park at Camden Yards in Baltimore, June 7, 2022.

An overview of Orioles Park at Camden Yards in Baltimore, June 7, 2022.
(Mark Goldman/Icon Sportswire via Getty Images)

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The Washington Nationals are expected to be sold over the winter, while the Los Angeles Angels may also hit the market soon.

The Orioles have played in Baltimore since 1954.

Source : www.foxnews.com

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