Peter Angelos, the owner of the Baltimore Orioles, decided to sell the baseball club due to health problems in recent years. Few people have made 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 motives behind this critical step. Peter Angelos, a prominent figure in the legal and sports world, has long been associated with the Baltimore Orioles.
Angelos, born July 4, 1929, made an unmistakable impact on Major League Baseball and the legal environment of his hometown. A native of Baltimore, Maryland, he is the son of John and Frances Angelos, who emigrated from Menetes, Karpathos, Greece. After graduating from Patterson Park High School, Angelos attended the University of Baltimore. He eventually graduated as a high school senior, paving the way for a successful legal career. Angelos also entered politics, joining the Democratic Party. He also served a term on the Baltimore City Council. Angelos formed an investment syndicate to buy the Baltimore Orioles in 1993, and remained chairman and CEO until 2018.
Peter Angelos 2024 Health Update
Angelos, a giant in his own way, faced victories, struggles and determination throughout his career. However, recent health issues have changed the course of his life and his involvement with the Baltimore Orioles. First, Peter Angelos collapsed on October 13, 2017 as a result of aortic valve failure. Despite successful heart surgery, Angelos’ long career as a lawyer ended 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 children, John and Lou, were pillars of strength as he negotiated the difficulties of his illness. However, it quickly became clear that the problems went beyond physical ailments. Reports have surfaced claiming that Peter Angelos has dementia. Dementia greatly affects an individual’s ability to remember, think and make decisions. According to reports, his health has deteriorated over the years due to the limitations imposed by his illness.
The Angelos family agrees to sell the Orioles
According to various sources, the Angelos family has decided to sell the Baltimore Orioles, a franchise they have owned for nearly 30 years. The deal was finalized with a consortium led by two private equity billionaires, David Rubenstein and Mike Arougheti. Rubenstein was born in Baltimore and is the co-founder of The Carlyle Group, while Arougheti is the co-founder and CEO of Ares Management Corporation.
The acquisition, valued at $1.725 billion, represents a watershed moment in the history of the franchise. The sale offers a significant financial windfall for Angelos, who bought the Orioles with his partners in 1993 for $173 million. It is interesting that the Rubenstein group would first buy 40% of the ownership stake. Only after Angelos’ death will he have full ownership of the club. While the deal cannot be announced without league approval, MLB and the other 29 club owners still have to finalize it.
The Baltimore Orioles and MLB have yet to respond to the story. Rubenstein, meanwhile, reportedly refused to comment. Angelos’ health problems influenced his decision to sell the Orioles. Furthermore, infighting among family members over control of the business reportedly aided the sale.
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Source: vcmp.edu.vn