Peter Angelos, the owner of the Baltimore Orioles, has decided to sell the baseball club due to his health concerns in recent years. Few people have had as big an impression on baseball as Angelos, who has owned the Orioles for nearly 30 years. With his recent decision to sell the club, there are many doubts about the motivations behind this critical step. Peter Angelos, a towering figure in both the legal and sporting worlds, is long associated with the Baltimore Orioles.
Angelos, born on July 4, 1929, has made an unmistakable effect on Major League Baseball and his hometown’s legal environment. The Baltimore, Maryland native is the son of John and Frances Angelos, who immigrated from Menetes, Karpathos, Greece. After graduating from Patterson Park High School, Angelos attended the University of Baltimore. Eventually, he graduated as class valedictorian, paving the way for a successful legal career. Angelos also entered politics, joining 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 as chairman and CEO until 2018.
Peter Angelos’ Health Update 2024
Angelos, a giant in his way, has faced victories, struggles, and determination throughout his career. However, recent health issues have altered the course of his life and his involvement with the Baltimore Orioles. First, Peter Angelos collapsed on October 13, 2017, as a result of an aortic valve failure. Despite undergoing 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 significant responsibilities in his affairs.
His wife, Georgia, and kids, John and Lou, were pillars of strength while he negotiated the difficulties of his illness. However, it quickly became clear that the issues went beyond bodily illnesses. Reports surfaced claiming that Peter Angelos had dementia. Dementia largely affects an individual’s capacity to recall, think, and make choices. According to accounts, his health has deteriorated over the years due to the restrictions imposed by his illness.
The Angelos Family Agrees to Sell Orioles
According to various sources, the Angelos family has chosen to sell the Baltimore Orioles, a franchise they have owned for nearly 30 years. The deal was finalized with a consortium headed by two private equity billionaires, David Rubenstein and Mike Arougheti. Rubenstein is a Baltimore native and co-founder of The Carlyle Group, whilst Arougheti is a co-founder and CEO of Ares Management Corporation.
The acquisition, estimated at $1.725 billion, represents a watershed moment in the franchise’s history. The sale offers a significant financial gain for Angelos, who bought the Orioles for $173 million with his partners in 1993. Interestingly, the Rubenstein group would first purchase 40% of the ownership share. Only after Angelos’ death will they have full ownership of the club. While the agreement cannot be made public without league approval, it has yet to be completed by MLB and the other 29 club owners.
The Baltimore Orioles and MLB have yet to react to the story. Rubenstein, meanwhile, is said to have refused to comment. Angelos’ health issues influenced his decision to sell the Orioles. Furthermore, infighting among family members over control of the business reportedly assisted the sale.
