Peter Angelos, the owner of the Baltimore Orioles, has decided to sell the baseball club due to his health problems in recent years. Few people have made as big an impact on baseball as Angelos, who has owned the Orioles for nearly thirty years. With his recent decision to sell the club, there are many questions surrounding the motivation behind this crucial move. A towering figure in both the legal and sports worlds, Peter Angelos has long been associated with the Baltimore Orioles.
Born on July 4, 1929, Angelos has had an undeniable impact on Major League Baseball and the legal environment of his hometown. The native of Baltimore, Maryland is the son of John and Frances Angelos, who emigrated from Menetes, Karpathos, Greece. After graduating from Patterson Park High School, Angelos attended the University of Baltimore. He eventually graduated as class valedictorian, paving the way for a successful legal career. Angelos also entered politics and joined the Democratic Party. He also spent a term on the Baltimore City Council. Angelos formed an investment syndicate to buy the Baltimore Orioles in 1993, and he remained chairman and CEO until 2018.
Health update 2024 from Peter Angelos
A giant in his own way, Angelos has faced victories, struggle and determination throughout his career. However, recent health issues have changed the course of his life and his involvement with the Baltimore Orioles. First, Peter Angelos collapsed on October 13, 2017 due to an aortic valve defect. Despite having undergone successful heart surgery, Angelos’ long legal career came to an end the following summer. As Peter Angelos faced the reality of his condition, his family took on increasingly important responsibilities in his affairs.
His wife, Georgia, and children, John and Lou, were his pillars of support as he dealt with the challenges of his illness. However, it soon became clear that the problems went beyond physical illness. Reports emerged claiming that Peter Angelos had dementia. Dementia largely affects an individual’s ability to remember, think and make choices. Reports say his health has deteriorated over the years due to the limitations imposed by his illness.
The Angelos family agrees to sell Orioles
According to various sources, the Angelos family has chosen to… Baltimore Orioles a franchise they have owned for almost 30 years. The deal was completed with a consortium led by two private equity billionaires, David Rubenstein and Mike Arougheti. Rubenstein is a Baltimore native and co-founder of The Carlyle Group, while Arougheti is co-founder and CEO of Ares Management Corporation.
The acquisition, valued at $1.725 billion, represents a turning point in the franchise’s history. The sale provides a significant financial benefit to Angelos, who purchased the Orioles with his partners in 1993 for $173 million. Interestingly, the Rubenstein group would first purchase 40% of the ownership shares. Only after Angelos’ death will they gain full ownership of the club. While the agreement cannot be made public without league approval, it must still be finalized by MLB and the other 29 club owners.
The Baltimore Orioles and MLB have yet to comment on the story. Rubenstein, meanwhile, is said to have declined to comment. Angelos’ health problems influenced his decision to sell the Orioles. In addition, infighting among family members over control of the company would have promoted sales.