Baltimore Orioles owner Peter Angelos has agreed to sell the baseball team amidst his concerning health condition over the recent years.
Few figures have left as significant a mark in baseball as Angelos, who has owned the Orioles for over 30 years.
With his recent decision to sell the team, questions abound regarding the reasons behind this pivotal move.
Peter Angelos, a towering figure in both the legal and sports realms, has long been synonymous with the Baltimore Orioles.
Born on July 4, 1929, Angelos has left an indelible mark on MLB and the legal landscape of his hometown.
The Baltimore, Maryland native is the son of John and Frances Angelos, immigrants from Menetes, Karpathos, Greece.
After graduating from Patterson Park High School, Angelos pursued higher education at the University of Baltimore.
Eventually, he graduated as the class valedictorian, setting the stage for a distinguished legal career.
Angelos also ventured into the realm of politics, aligning himself with the Democratic Party. Further, he served a term on the Baltimore City Council.
In 1993, Angelos assembled a consortium of investors to purchase the Baltimore Orioles, where he served until 2018 as the chairman and CEO.
Peter Angelos Health Update 2024
A titan in his own right, Angelos’s journey has been one of triumphs, challenges, and dedication.
However, recent years have seen the onset of health struggles that have reshaped the trajectory of his life and his role within the Baltimore Orioles.
Firstly, Peter Angelos collapsed on October 13, 2017, as a consequence of his aortic valve failure.
Although Angelos underwent a successful cardiac surgery, he ended his storied legal career by the following summer.
As Peter Angelos confronted the realities of his health, his family assumed more substantial roles in managing his affairs.
His wife, Georgia, and sons, John and Lou, became pillars of support as he navigated the complexities of his condition.
However, it soon became apparent that the challenges extended beyond physical ailments.
Reports began to surface indicating that Peter Angelos had been grappling with dementia. Dementia primarily impacts a person’s ability to remember, think, or make decisions.
According to sources, his health has been declining over the years given the limitations imposed by his condition.
The Angelos Family Agree To Sell Orioles
According to multiple reports, the Angelos family has decided to sell the Baltimore Orioles, a team they have owned for over three decades.
The sale was agreed upon to a group led by two private equity billionaires, David Rubenstein and Mike Arougheti.
While Rubenstein is a Baltimore native and co-founder of The Carlyle Group, Arougheti is the co-founder and CEO of Ares Management Corp.
The transaction, valued at a staggering $1.725 billion, marks a significant milestone in the franchise’s history.
For Angelos, who, along with his partners, purchased the Orioles for a mere $173 million in 1993, the sale represents a momentous financial windfall.
Interestingly, the Rubenstein group will initially acquire 40% of the ownership stake. They will own 100% of the club only after the demise of Angelos.
While the deal cannot be made official without league approval, it is yet to be finalized by MLB and the other 29 teams’ owners.
Neither the Baltimore Orioles nor MLB have yet commented on the news. Whereas, Rubenstein reportedly declined to comment.
Angelos’s health struggles undoubtedly played a pivotal role in his decision to divest ownership of the Orioles.
In addition, the infighting between the family members about control of the franchise allegedly facilitated the sale.