Peter Angelos, the Baltimore Orioles’ owner, has opted to sell the team owing to health issues in recent years. Few people have had a greater impact on baseball than Angelos, who has owned the Orioles for nearly 30 years.
Many people are questioning his reasons for selling the club. Peter Angelos, a towering figure in both the legal and sports worlds, has a lengthy history with the Baltimore Orioles. Angelos, born on July 4, 1929, has had a significant impact on Major League Baseball and his hometown’s legal climate.
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 went to the University of Baltimore. He eventually graduated as class valedictorian, setting the stage for a successful legal career.
Angelos also entered politics and joined the Democratic Party. He also served a term on the Baltimore City Council. Angelos organized an investing syndicate to purchase the Baltimore Orioles in 1993 and served as chairman and CEO until 2018.
Peter Angelos’ Health Update 2024
Angelos, a giant in his own right, has encountered triumphs, challenges, and determination throughout his career. However, recent health difficulties have changed the path of his life and his relationship with the Baltimore Orioles. First, Peter Angelos collapsed on October 13, 2017, due to an aortic valve malfunction.
Despite a successful heart operation, Angelos’ long legal career ended the following summer. As Peter Angelos acknowledged the truth of his illness, his family took on increasingly important roles in his life. His wife, Georgia, and children, John and Lou, were pillars of support while he navigated the challenges of his illness.
However, it soon became evident that the problems extended beyond physical ailments. Reports appeared saying Peter Angelos had dementia. Dementia significantly impairs an individual’s ability to recall, think, and make decisions. According to sources, his health has deteriorated over time due to the limitations imposed by his disease.
The Angelos Family Agrees to Sell Orioles
According to multiple sources, the Angelos family has decided to sell the Baltimore Orioles, a franchise they have owned for nearly three decades. The transaction was closed by a group led by two private equity billionaires, David Rubenstein and Mike Arougheti.
Rubenstein is a Baltimore native and a co-founder of The Carlyle Group, whilst Arougheti is a co-founder and CEO of Ares Management Corporation. The transaction, valued at $1.725 billion, marks a watershed event in the franchise’s history. The transaction represents a major financial gain for Angelos, who purchased the Orioles with his partners for $173 million in 1993.
Interestingly, the Rubenstein group would first acquire 40% of the ownership stake. Only after Angelos’ death will they gain complete possession of the club. While the agreement cannot be made public without league approval, it has yet to be signed by MLB and the remaining 29 club owners.
The Baltimore Orioles and the MLB have yet to respond to the story. Rubenstein, meanwhile, is claimed to have declined to comment. Angelos’ health concerns influenced his choice to sell the Orioles. Furthermore, infighting among family members over control of the company aided the sale.
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