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Friday, October 30, 2020

Potential Orioles bidders line up in hopes the Angelos family decides to sell

Potential bidders are lining up in the belief that the Baltimore Orioles could be placed on the market for the first time in a generation, according to multiple sources.

At least three people have shown interest in assembling bidding groups if the family of team owner Peter Angelos decided to sell, said the sources, who include possible investors and others who spoke on the condition of anonymity because no offers have been made.

With Angelos, 91, in continued poor health, there is speculation that tax laws could create a favorable sale opportunity for his heirs after his death.

But the family has shown no interest in selling, even after years of unfounded speculation that the team could change hands. And the team is “very close” to a new lease with the Maryland Stadium Authority for the club to remain at Oriole Park at Camden Yards, according to sources familiar with the negotiations…

Amid the signs of interest in the team, former Orioles president and CEO Larry Lucchino told The Baltimore Sun he has been approached about forming an ownership group, though he says that would not be appropriate to consider at this time. And the league has told Hall of Famer Cal Ripken Jr., a Baltimore icon, that it would like him to be part of an ownership or management group if the club is sold, sources said.

RoyalsRetro (AG#1F) Posted: October 30, 2020 at 03:48 PM | 11 comment(s) Login to Bookmark
  Tags: orioles

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   1. The Yankee Clapper Posted: October 30, 2020 at 04:55 PM (#5986723)
Baltimore still has the Preakness Stakes at Pimlico. Might help make it an attractive location for some bidders.
   2. winnipegwhip Posted: October 30, 2020 at 05:18 PM (#5986727)
Angelos will tell his Kraut-Mick friend Steinbrenner that there is no chance of selling until he finds a head of Arod's relative in his bed.
   3. Jay Seaver Posted: October 30, 2020 at 07:56 PM (#5986744)
there is speculation that tax laws could create a favorable sale opportunity for his heirs after his death.

What's the setup got to be for that to be the case (and, I guess, what's "favorable" mean here)? I figure that the team must be a large enough chunk of Angelos's net worth that they'd almost have to sell it or borrow against it in order to pay the inheritance tax, since he bought in before values skyrocketed, which would make it seem like it would be logical for them to sell before he died rather than be in a bind, but it's not like I know anything about inheritance law or estate planning.

(As a fan of another AL East team, it seemed like the last piece of good fortune George Steinbrenner got out of selling his soul was that he died during the one year when there was no federal inheritance tax, so his heirs didn't have to sell the team to pay off the estate tax)
   4. JRVJ Posted: October 30, 2020 at 10:04 PM (#5986757)
From what I've read, the Orioles are still pretty far away from a farm system standpoint.

That being the case, they shouldn't be expected to be a true competitor in the AL East until 2023.
   5. DFA Posted: October 31, 2020 at 01:10 PM (#5986817)
27 years, 0 World Series appearances. IIRC, only Tigers, Royals and Pirates have worse records during the Angelos era. And the Royals have a title during that time, of course.
   6. puck Posted: October 31, 2020 at 02:05 PM (#5986823)
A lot of posters are probably middle-aged like me, so grew up when the Orioles were great, and were kind of saber before it was really a thing, with great fielders (saber now, but not really in the early saber times).

They've been so irrelevant since, except for things like losing streaks and Chris Davis.

It would be nice for them to be relevant again.
   7. McCoy Posted: October 31, 2020 at 03:47 PM (#5986840)
Their ALCS run was a magical year for the town and it all turned to #### for the town the next year.
   8. bookbook Posted: November 01, 2020 at 10:52 AM (#5986937)
#3, It’s easy to get an extension to have at least ten years to pay estate tax in installments, which with financing, makes the estate tax hardly a consideration (all the talk that estate tax forces the dissolution of family businesses is talking point, not factual). Certain assets have an adjustment of cost basis at the time of death for capital gains, which may be what makes it a good time to sell for the Angelos family.
If they sold before Peter Angelos death, he’d have to pay all the capital gains, and the the estate tax would still come due to the children on the proceeds from the sale.

If the Angelos kids can share power effectively and like the spotlight of being sports team owners, that would outweigh all other considerations.
   9. Starring Bradley Scotchman as RMc Posted: November 01, 2020 at 03:32 PM (#5986949)
Their ALCS run was a magical year for the town and it all turned to #### for the town the next year.

I'm so old, I remember when both the Orioles and the Tigers were good!
   10. John Northey Posted: November 01, 2020 at 04:35 PM (#5986955)
Since the O's won the series in 1983 they have made the playoffs just 5 times, the last being that wild card loss to Toronto in 2016 (with thanks to Showalter for leaving his closer on the bench, Jay fans needed that). 3 last place finishes in the AL East, and a 4th place this year since that last appearance - now ranked 8th for farm system - behind 2 AL East competitors (Jays & Rays) who both have had far more success on the field thus not as good a draft position or draft budget. Just goes to show that there is no substitute for smart management (Yankees 19th, Boston 25th showing that if you keep drafting low it is hard to keep up).
   11. Ron J Posted: November 01, 2020 at 06:01 PM (#5986963)
#9 First team I closely followed was the 1969 Orioles. I got interested when I heard Tony Kubek interview Mark Belanger after they got a ton of complaints about the way they pronounced his name (Bell Anger) from Quebecers who had just started to watch baseball. The good humor of Belanger as he confirmed that he pronounced his name the same way the announcers did got me hooked and it turned out that not only was it an excellent team but it had so many interesting characters. Istarted to read more about them and then about baseball in general.

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