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Friday, September 23, 2022

Orioles hired Goldman to assess sale, source says, but litigation likely to keep team with Angelos for now [$]

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The Baltimore Orioles quietly hired Goldman Sachs months ago to assess the prospects for selling the team, sources told The Athletic, but the future of the team’s ownership is still very much up in the air, given the ongoing bitter lawsuits between members of the Angelos family.

Owner Peter Angelos, 93, is ailing. His son, Louis Angelos, filed a lawsuit four months ago against his brother John and his mother, Georgia, to force a sale of the team. Louis contends in the lawsuit that Georgia, who stands to inherit the team when her husband passes away, wants to sell the team.

It might seem somewhat incongruous that Louis would sue his brother, who is chairman and CEO of the team, to force a sale when the club had already hired Goldman.

The Orioles declined to comment.

As part of Louis’ lawsuit over the Angelos trust and the future of the team, two subpoenas were served on Goldman Sachs, according to the case docket, which confirmed the subpoenas were issued on Aug. 21 and Sept. 21. According to John Angelos’  lawyer, they were issued by Louis Angelo’s side. There is a status conference hearing scheduled for Sept. 28.

In the lawsuit, Louis alleges John has manipulated his mother and restructured his father’s trust to take away co-decision making between the brothers.

 

RoyalsRetro (AG#1F) Posted: September 23, 2022 at 02:59 PM | 5 comment(s) Login to Bookmark
  Tags: orioles

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Statements posted here are those of our readers and do not represent the BaseballThinkFactory. Names are provided by the poster and are not verified. We ask that posters follow our submission policy. Please report any inappropriate comments.

   1. Darren Posted: September 23, 2022 at 04:54 PM (#6097670)
Goldman rocks.
   2. Pat Rapper's Delight (as quoted on MLB Network) Posted: September 23, 2022 at 06:06 PM (#6097676)
I know I'm shocked that a lawyer who spent his career chasing ambulances would wind up with such litigious progeny.
   3. The Duke Posted: September 23, 2022 at 06:20 PM (#6097678)
I'm not sure I follow the logic. Son #1 thinks he's been cut out of the chain of command because son #2 has gotten Moms approval to sell the team and son #1 solution is to immediately sell the team? And his chief evidence that son #2 is up to no good is that he has hired Goldman Sachs to do that very thing - sell the team. What am I missing here ?

Is this just a case of who gets to fly the plane ? Is their some inheritance issue involved ?
   4. Rough Carrigan Posted: September 23, 2022 at 09:44 PM (#6097710)
Goldman assessed how much they could rip off buyer and seller.
   5. John Northey Posted: September 24, 2022 at 03:47 PM (#6097776)
As a Jays fan I hope for an Expos style sell off - put the O's back into the 2nd division for the next decade+. This division is nuts enough with NYY/Red Sox/Rays/Jays, if the O's are now for real then it is just too good (all should be over 500 next year).

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