MLB owners approve David Rubenstein purchase of Baltimore Orioles Just In Time For Opening Day. My Reaction to the MLB vote of the Baltimore Orioles sale. #baltimoreorioles #orioles #mlb Opening Day for #birdland Major League Baseball’s owners Wednesday unanimously approved David Rubenstein as the new controlling owner of the Baltimore Orioles, a day before the team’s season begins. The vote, conducted during a conference call, means that for the first time in three decades, the Orioles will have a managing owner not named Angelos on Opening Day.
The deal the owners approved gives Rubenstein, co-founder of the Carlyle Group private equity firm and a longtime Washington-area philanthropist, and his prominent minority investors 40 percent of a franchise that was valued at $1.7 billion for the purpose of the transaction. Under the terms, current controlling owner John Angelos agreed to cede that position to Rubenstein, and his family agreed to give Rubenstein the option to buy the rest of the team once family patriarch Peter Angelos died.
For that reason, the timing of Rubenstein’s takeover felt almost preordained. Peter Angelos, the self-made billionaire who purchased the Orioles in 1993, died Saturday after a lengthy illness. He was 94.
Out of respect for the family as it mourns, Rubenstein and his group have not yet spoken to the Angeloses to hammer out the specifics of purchasing the rest of the team, but a deal seems likely to come sooner than later. Peter Angelos’s death eliminated the need for his family to pay capital gains taxes on the profit it made on the franchise since he bought it for $173 million in 1993. Given the sale price, those taxes would have cost the family hundreds of millions of dollars.
28 сен 2024
