John Angelos chews out Dan Connolly

[spiritof66]

One thing that should be cleared up. I noticed that the reports of the Orioles' commitment were unclear as to when the Orioles would pay the $5 million to College Bound, and that some of them referred to a "pledge," suggesting that the payments will be paid in future installments. I finally got around to watching the pre-Connelly portion of the press conference, and (to his credit, I guess) John Angelos confirmed that. The Orioles so far have paid nothing, and as of a week ago there was no date upon which it is committed to make a payment. (Maybe sometime around the disclosure of the team's financials?) John said the Orioles would pay the pledged amount in as "few or many years that make sense to the [CollegeBound] effort," and he tossed out $1 million and $200,000 as possible payment amounts. [About 9:00 in on the video]

Sure, $5 million is a lot of money for a charitable contribution. But look at annual payments of $1 million or less in context. This is a private company that keeps its finances a secret, but appears to have annual revenues of $200 to $300 million. In recent years it has had healthy but unknown profit margins on those revenues. It  just received a $600,000 rent reduction from the state of Maryland and is set to receive the benefit of $600 million in financial support from the state for stadium renovation. I'm not overwhelmed by a pledge of $5 million to be paid over maybe five to as long as twenty years, with nothing to bind a new owner to continue those payments, and payments so far of zero.

John's commitment to keep the team in Baltimore sounds nice, though in terms of creating any obligation it's not worth the paper it's not written on. Last week the Commissioner repeated what he's said many times over the past ten (I'm guessing) years: MLB first will get the Tampa Bay and Oakland situations "resolved" (the word Manfred uses, which includes the requirement of extracting enormous financial support from state and local governments), then will expand by adding two teams. So if the Orioles or any other existing franchise wanted to move, and somehow got the owners' approval to move -- highly doubtful, but who knows down the road -- two to four relocation choices, likely including Nashville, will be off the board.

[Frobby]

I listened to the presser and was surprised that the timing of the payments wasn’t more pinned down.   Angelos indicated it would be “whatever would be most helpful” to the Fund.  In my mind, it’s always most helpful to have all the money right away, but I doubt that’s what will happen.  

[SpOkane]

5 hours ago, Frobby said:

I listened to the presser and was surprised that the timing of the payments wasn’t more pinned down.   Angelos indicated it would be “whatever would be most helpful” to the Fund.  In my mind, it’s always most helpful to have all the money right away, but I doubt that’s what will happen.  

Those Angelos' sure do like their deferred payments.

[Can_of_corn]

On 1/20/2023 at 5:37 AM, SemperFi said:

If I remember right I ran it at the same time with 2022 included and also came up with OI (profit) of ~$80.  Remember OI should go up substantially in 2023 with $30m from Disney and increased attendance.  Funny, either Elias or JA was quoted that he expected player salaries to increase relative to attendance-no mention increased revenue from media!!

That goes in the two for me pile.

[Going Underground]

No meeting with John Angelos,who  breaks open the books on Orioles Rescue? 

Edited January 24, 2023 by Going Underground

[spiritof66]

 

 

 

7 hours ago, Going Underground said:

No meeting with John Angelos,who  breaks open the books on Orioles Rescue? 

I don't think it's correct to say that there hasn't been "an invitation to speak with John Angelos."

On January 16, Angelos publicly invited Connolly and the media generally to meet with John and examine documents about the Orioles' ownership and finances this week on the third floor of the warehouse. Angelos just didn't specify the day and time. If I were a member of the Baltimore sports media, I would show up at the warehouse each morning and ask whether this is the day of the meeting that Mr. Angelos invited me to last Monday. When I was turned away I would make several phone calls every day asking the same question and, if there were no response, drop off a written request at the warehouse. Maybe that's happening. I don't know. The invitation has been issued. The obvious (at least to me) next step is to inquire about the day and time until Angelos withdraws the invitation or says he is reneging on it. But waiting in silence for an invitation would be, in my opinion, unnecessary and dumb.

By the way, it will cost you a dollar to see the questions that Andy Kostka of The Baltimore Banner would like to ask Angelos. Out of curiosity, I tossed in my buck. Kostka's questions are among the easiest questions to answer or evade I can imagine, and many fall far outside the scope of what John agreed to talk about and provide documentation of: whether the Orioles will sign a ballpark lease, whether the team might be moved, whether the MASN and Lou Angelos suits might be settled, whether current ownership is looking to sell, how the $600 million to be available for ballpark improvements will be spent. I don't know a thing about Kostka, but his list of areas to question Angelos on displays an appalling lack of knowledge about the Orioles, lack of journalistic acuity, or both.

 

[spiritof66]

23 hours ago, spiritof66 said:

One thing that should be cleared up. I noticed that the reports of the Orioles' commitment were unclear as to when the Orioles would pay the $5 million to College Bound, and that some of them referred to a "pledge," suggesting that the payments will be paid in future installments. I finally got around to watching the pre-Connelly portion of the press conference, and (to his credit, I guess) John Angelos confirmed that. The Orioles so far have paid nothing, and as of a week ago there was no date upon which it is committed to make a payment. (Maybe sometime around the disclosure of the team's financials?) John said the Orioles would pay the pledged amount in as "few or many years that make sense to the [CollegeBound] effort," and he tossed out $1 million and $200,000 as possible payment amounts. [About 9:00 in on the video]

Sure, $5 million is a lot of money for a charitable contribution. But look at annual payments of $1 million or less in context. This is a private company that keeps its finances a secret, but appears to have annual revenues of $200 to $300 million. In recent years it has had healthy but unknown profit margins on those revenues. It  just received a $600,000 rent reduction from the state of Maryland and is set to receive the benefit of $600 million in financial support from the state for stadium renovation. I'm not overwhelmed by a pledge of $5 million to be paid over maybe five to as long as twenty years, with nothing to bind a new owner to continue those payments, and payments so far of zero.

John's commitment to keep the team in Baltimore sounds nice, though in terms of creating any obligation it's not worth the paper it's not written on. Last week the Commissioner repeated what he's said many times over the past ten (I'm guessing) years: MLB first will get the Tampa Bay and Oakland situations "resolved" (the word Manfred uses, which includes the requirement of extracting enormous financial support from state and local governments), then will expand by adding two teams. So if the Orioles or any other existing franchise wanted to move, and somehow got the owners' approval to move -- highly doubtful, but who knows down the road -- two to four relocation choices, likely including Nashville, will be off the board.

The Orioles' website says the following: "Since the ownership group led by Peter Angelos purchased the team, the Baltimore Orioles have donated more than $10 million to support various organizations in the Orioles' community."That's an average of about $350,000 a year over 29 years. Assuming that figure is up to date, I'm not very impressed.

[HakunaSakata]

The plot thickens...

 

[OriolesMagic83]

46 minutes ago, HakunaSakata said:

The plot thickens...

 

I'm not sure its possible for a spouse to "plunder" an account of her incapacited husband since its a joint asset.  Anyway, not good if the Angelos family has to be "using" assets to maintain their manner of living. 

[brvn52]

47 minutes ago, HakunaSakata said:

The plot thickens...

 

Wasn't sure whether or not to start a new thread for this.

I wonder if the conversation with Connelly sparked this. Could John saying they own 74% of the team have caused Lou to look into things?

[Frobby]

1 minute ago, brvn52 said:

Wasn't sure whether or not to start a new thread for this.

I wonder if the conversation with Connelly sparked this. Could John saying they own 74% of the team have caused Lou to look into things?

Not a chance.  Lou knows way more than Connolly about what’s going on, and has every incentive to look into things regardless of what Connolly asks at some press conference.  

[OriolesMagic83]

1 hour ago, spiritof66 said:

 

 

 

I don't think it's correct to say that there hasn't been "an invitation to speak with John Angelos."

On January 16, Angelos publicly invited Connolly and the media generally to meet with John and examine documents about the Orioles' ownership and finances this week on the third floor of the warehouse. Angelos just didn't specify the day and time. If I were a member of the Baltimore sports media, I would show up at the warehouse each morning and ask whether this is the day of the meeting that Mr. Angelos invited me to last Monday. When I was turned away I would make several phone calls every day asking the same question and, if there were no response, drop off a written request at the warehouse. Maybe that's happening. I don't know. The invitation has been issued. The obvious (at least to me) next step is to inquire about the day and time until Angelos withdraws the invitation or says he is reneging on it. But waiting in silence for an invitation would be, in my opinion, unnecessary and dumb.

By the way, it will cost you a dollar to see the questions that Andy Kostka of The Baltimore Banner would like to ask Angelos. Out of curiosity, I tossed in my buck. Kostka's questions are among the easiest questions to answer or evade I can imagine, and many fall far outside the scope of what John agreed to talk about and provide documentation of: whether the Orioles will sign a ballpark lease, whether the team might be moved, whether the MASN and Lou Angelos suits might be settled, whether current ownership is looking to sell, how the $600 million to be available for ballpark improvements will be spent. I don't know a thing about Kostka, but his list of areas to question Angelos on displays an appalling lack of knowledge about the Orioles, lack of journalistic acuity, or both.

 

I'm going to be really busy this week, can someone post the interview where John reveals the O's finances?  Oh wait, John said next week, but he didn't say what year.  Date and time has been updated to 2 hours after hell freezes over.  It's amazing what the local media lets the Angelos family get away with.  Could you imagine if a sports franchise owner made a statement like this in New York or Boston and then didn't follow through on his promise.  The news media would be on that owner like a wolfpack on wounded prey.

[AnythingO's]

3 minutes ago, Frobby said:

Not a chance.  Lou knows way more than Connolly about what’s going on, and has every incentive to look into things regardless of what Connolly asks at some press conference.  

Agreed but in the beginning Clancy owned 24% and another 10 or so folks owned 1% each with Pam S at 2 % so about 36% with PA owning about 64%. We believe anecdotally that PA bought some shares back from the Group of 10 but not who or when. Including the Clancy ex, who got 12%, in this filing is a new wrinkle and $65 M is a nice down payment on about 10% of a $1.375 B asset. 

[brvn52]

16 minutes ago, Frobby said:

Not a chance.  Lou knows way more than Connolly about what’s going on, and has every incentive to look into things regardless of what Connolly asks at some press conference.  

Maybe I need to listen to the interview again, but I didn't take it as Connolly knowing anything, per se. Just poking around a bit. And Angelos responded with a specific number. 

It just seems like this is information that should've/would've come out with the original lawsuit. The timing is interesting.

But you know how this works much better than I do, so I'll defer to you.

[Frobby]

1 minute ago, brvn52 said:

Maybe I need to listen to the interview again, but I didn't take it as Connolly knowing anything, per se. Just poking around a bit. And Angelos responded with a specific number. 

It just seems like this is information that should've/would've come out with the original lawsuit. The timing is interesting.

But you know how this works much better than I do, so I'll defer to you.

I’m not claiming any superior knowledge.  But I’d be shocked if Lou didn’t already know what percentage of the Orioles is owned by his family.