Peter Angelos, the owner of the Baltimore Orioles, has decided to sell the baseball club because of his health concerns in recent years. Few people have had as big an impact 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 motivation behind this critical move. Peter Angelos, a towering figure in both the legal and sports worlds, has long been associated with the Baltimore Orioles.
Angelos, who was born on July 4, 1929, has made a clear impact on Major League Baseball and the legal environment of his hometown. The native of Baltimore, Maryland 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 one term on the Baltimore City Council. Angelos formed an investment syndicate to buy the Baltimore Orioles in 1993, and he remained chairman and CEO until 2018.
Peter Angelos Health Update 2024
Angelos, a giant in his journey, has faced triumph, struggle, 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, due to aortic valve failure. Despite successful heart surgery, Angelos’ long legal career ended the following summer. As Peter Angelos faces the reality of his situation, his family takes on increasingly important 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 issues went beyond physical ailments. Reports surfaced claiming Peter Angelos was suffering from dementia. Dementia largely affects an individual’s ability to remember, think, and make choices. According to accounts, his health had declined over the years due to the restrictions imposed by his illness.
Angelos Family Agrees to Sell Orioles
According to multiple 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 led by two private equity billionaires, David Rubenstein and Mike Arougheti. Rubenstein is a Baltimore native and co-founder of The Carlyle Group, while Arougheti is co-founder and CEO of Ares Management Corporation.
The acquisition, estimated at $1.725 billion, represents a significant moment in franchise history. The sale offers a significant financial windfall for Angelos, who bought the Orioles for $173 million with his partners in 1993. Interestingly, the Rubenstein group will buy a 40% ownership stake first. It was only after Angelos’ death that they had full ownership of the club. Although the deal cannot be made public without league approval, it has yet to be finalized by MLB and the other 29 club owners.
The Baltimore Orioles and MLB have yet to respond to the story. Meanwhile, Rubenstein is said to have refused to comment. Angelos’ health issues influenced his decision to sell the Orioles. Furthermore, a fight among family members over control of the business reportedly helped the sale.
Categories: Biography
Source: SCHOOL TRANG DAI
