John Angelos chews out Dan Connolly

[brvn52]

1 minute ago, Frobby said:

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.   

The filing is that they secretly bought shares. So that would allege that he didn't know originally. At what point did he learn? That we don't know. 

[eddie83]

This reads John used this to benefit his lifestyle. $1.7M to buy a home Saratoga Springs, NY, and another $2.5M was sent to John months later. Both in 2021. 
 

$26.75M transferred to a checking account of his wife. Occurred after a lawsuit vs the firm. To shield assets. 
 

John basically took daddy’s account and did what he wanted. 

[Going Underground]

55 minutes ago, eddie83 said:

This reads John used this to benefit his lifestyle. $1.7M to buy a home Saratoga Springs, NY, and another $2.5M was sent to John months later. Both in 2021. 
 

$26.75M transferred to a checking account of his wife. Occurred after a lawsuit vs the firm. To shield assets. 
 

John basically took daddy’s account and did what he wanted. 

I wonder if Peter Angelos has a living trust and since he is probably incapacitated who is the trustee or trustees?

[OriolesMagic83]

1 hour ago, eddie83 said:

This reads John used this to benefit his lifestyle. $1.7M to buy a home Saratoga Springs, NY, and another $2.5M was sent to John months later. Both in 2021. 
 

$26.75M transferred to a checking account of his wife. Occurred after a lawsuit vs the firm. To shield assets. 
 

John basically took daddy’s account and did what he wanted. 

Petty cash funds have a little more money in them when you're a billionaire (or a future billionaire).

[AnythingO's]

6 hours ago, spiritof66 said:

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.

I wonder if there is any way to determine if that $10 M figure includes the current $5 M "pledge" to College Bound?????

[AnythingO's]

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!!

OK Semper Fi, I have tried to find the 2022 data to update the file but it isn't available yet. So, what we know is that Revenue for MLB increased from $9.56 B to $10.8 B in 2022. I took the O's revenue for 2021 out of the $9.56 B for MLB to create an "O's share" ratio and applied it to 2022. If I am right the O's OI rises to $113 M in 2022. Since MLB attendance overall was down 4 M from 2019 when the Revenue was $10.7 B and the new broadcast money doesn't hit until 2023, the only thing I can think of that boosted MLB Revenue to the new record is that the $30 M per team from Disney is counted in MLB Revenue. Estimates in bold, 

Year	Revenue	Salaries	Payroll + Expenses	Revenue - Expenses	Operating Income	Operating Cost
2014	245	110	122	123	31.4	91.6
2015	239	118.9	137	102	8.8	93.2
2016	253	147.7	162	91	-2.1	93.1
2017	252	164.3	183	69	-26	95
2018	251	143	161	90	-6.5	96.5
2019	256	61.1	103	153	57	96
2020	115	23.9	43	72	-23	95
2021	251	45.7	66	185	83	102
2022	283	44.88	65	218	113	105

 

[AnythingO's]

4 hours ago, Going Underground said:

I wonder if Peter Angelos has a living trust and since he is probably incapacitated who is the trustee or trustees?

I'm pretty sure his wife is in charge.

[eddie83]

5 hours ago, Going Underground said:

I wonder if Peter Angelos has a living trust and since he is probably incapacitated who is the trustee or trustees?

 Not sure how all of this works but this was a Wells Fargo account in Peter’s  name. 
 

I can’t see how you can justify - if true- what John allegedly did. It’s not like he inherited the money. 
 

Would love to know what MLB thinks about this. 

[Can_of_corn]

1 minute ago, eddie83 said:

 Not sure how all of this works but this was a Wells Fargo account in Peter’s  name. 
 

I can’t see how you can justify - if true- what John allegedly did. It’s not like he inherited the money. 
 

Would love to know what MLB thinks about this. 

They are probably mostly concerned about this stuff becoming public.

[Frobby]

1 hour ago, AnythingO's said:

the only thing I can think of that boosted MLB Revenue to the new record is that the $30 M per team from Disney is counted in MLB Revenue. 

I believe some new TV contracts kicked in for 2022.   As to the Disney money, people need to remember that it’s a one-time payment, and whatever dividends were being paid annually before from MLBAM will now cease.   So it boosted revenue for 2022 but will result in reduced revenue going forward.   

[Can_of_corn]

4 minutes ago, Frobby said:

I believe some new TV contracts kicked in for 2022.   As to the Disney money, people need to remember that it’s a one-time payment, and whatever dividends were being paid annually before from MLBAM will now cease.   So it boosted revenue for 2022 but will result in reduced revenue going forward.   

It was what the last of three large payments?

[Frobby]

11 minutes ago, Can_of_corn said:

It was what the last of three large payments?

Yes, spread over 5 years or so, I believe.  

[Can_of_corn]

6 minutes ago, Frobby said:

Yes, spread over 5 years or so, I believe.  

Did a quick search.

 

https://www.linkedin.com/pulse/how-major-league-baseballs-team-owners-built-billion-adefope-esq-

Quote

On August 9th, 2016, after negotiations, Disney and MLBAM, announced that Disney would “pay $1 billion to purchase a 33% stake in BAMTech (“BAM”)” (Calcaterra, 2016). That deal netted Disney a 33% share in BAM and around $33 million for every Major League Baseball team owner (Calterra, 2017). Disney acquired additional shares the following year for $1.58 billion, granting them a majority ownership, bringing Disney’s total stake to 75%. This majority stake netted each MLB owner an additional $52 million; bringing each owner’s rough profit to $85 million

 

[AnythingO's]

2 hours ago, Frobby said:

I believe some new TV contracts kicked in for 2022.   As to the Disney money, people need to remember that it’s a one-time payment, and whatever dividends were being paid annually before from MLBAM will now cease.   So it boosted revenue for 2022 but will result in reduced revenue going forward.   

Oh, I totally agree, I was just trying to figure a way MLB revenue was up over 2019 with 4 million fewer attendence 

[eddie83]

9 hours ago, Can_of_corn said:

They are probably mostly concerned about this stuff becoming public.

I’m sure they are. 
 

The cynic in me makes me wonder about the Orioles money and how and where it’s being used.