Orioles five year lease extension expires today.

[Going Underground]

They really have until December 31,2023 to sign a new lease. Maybe they will have a month to month lease next year.

From the Baltimore Sun:

 

Even if they pick up the option, the Orioles could be well served to have a long-term deal in place sooner rather than later. It not only would erase any remaining fears among the fan base about them potentially moving elsewhere, but it also would allow the team to take advantage of a 2022 state law that would let the stadium authority borrow up to $600 million to pay for improvements at Camden Yards.

The same applied to the Ravens’ M&T Bank Stadium, and after reaching a new 15-year lease that includes two five-year options, the football team has started to plan potential upgrades.

Orioles officials have long hinted at changes they want to make to Camden Yards, including reducing the number of seats and adding social spaces. The team also could make further alterations to the stadium’s playing area after moving the ballpark’s left field wall back before the 2022 season.

For the changes to the wall, the Orioles are receiving a yearly rent credit from the stadium authority for the nearly $3 million expense, which will be covered in full only if the team plays at Camden Yards through 2026. Exercising the option by Wednesday’s deadline would get them there. But other upgrades would have to wait for a long-term lease.

Orioles facing one-time lease extension deadline as wait for long-term agreement continues – Baltimore Sun
https://www.baltimoresun.com/sports/orioles/bs-sp-orioles-lease-extension-option-deadline-20230131-5pwarnfplnamliif4dytglydby-story.html

Edited February 1, 2023 by Going Underground

[Ripken]

Our ownership really does suck.

[Tony-OH]

3 hours ago, Ripken said:

Our ownership really does suck.

Pretty much the mic drop in any thread that has something to do with them. lol

[Aristotelian]

25 minutes ago, Tony-OH said:

Pretty much the mic drop in any thread that has something to do with them. lol

Which is pretty much every thread, at some level. 

[spiritof66]

A little speculation here. (It seems that speculation has become my main mode of talking about the Orioles since they don't do or say much, and say even less that can be relied on.)

It's possible that Goldman has advised John Angelos (or, less likely, he's figured it out himself) that a buyer would prefer a shorter lease because it figures, rightly or wrongly, it can negotiate a better deal than an idiot like John Angelos, possibly including the favorite tactic of sports team owners: "if you don't do better than that for me, I'll have to think about moving the team." John has pretty well blocked himself from making that threat.

Or maybe John's been told that the deadline for the five-year extension is next week, and he thinks that means the deadline rolls over forever since there's always a next week in the future. 

[ThisIsBirdland]

Anyone else notice how much John Angelos has been talking up Wes Moore, who immediately after being inaugurated fired the head of the Maryland Stadium Authority, who I assume was in the midst of negotiating this lease extension? Does it mean anything? I have no idea, just thought it was interesting.

[LookinUp]

4 minutes ago, ThisIsBirdland said:

Anyone else notice how much John Angelos has been talking up Wes Moore, who immediately after being inaugurated fired the head of the Maryland Stadium Authority, who I assume was in the midst of negotiating this lease extension? Does it mean anything? I have no idea, just thought it was interesting.

Like it or not, owning a massive business that gets public financing means you have to be a politician. The Angelos' have always rode in Democrat circles, so it makes sense that he might have something better in the works with Moore's people.

[Going Underground]

19 minutes ago, ThisIsBirdland said:

Anyone else notice how much John Angelos has been talking up Wes Moore, who immediately after being inaugurated fired the head of the Maryland Stadium Authority, who I assume was in the midst of negotiating this lease extension? Does it mean anything? I have no idea, just thought it was interesting.

Kelso ,the head of the MSA said he is staying on till a replacement is found and is still negotiating with the Orioles. Kelso was a big donor to former governor, Larry Hogan.

[Snutchy]

39 minutes ago, ThisIsBirdland said:

Anyone else notice how much John Angelos has been talking up Wes Moore, who immediately after being inaugurated fired the head of the Maryland Stadium Authority, who I assume was in the midst of negotiating this lease extension? Does it mean anything? I have no idea, just thought it was interesting.

This is where I’m at with this. With being as apolitical as I can, I think this was delayed until there was a new sheriff in town.  

[Goober Noodles]

2 hours ago, spiritof66 said:

A little speculation here. (It seems that speculation has become my main mode of talking about the Orioles since they don't do or say much, and say even less that can be relied on.)

It's possible that Goldman has advised John Angelos (or, less likely, he's figured it out himself) that a buyer would prefer a shorter lease because it figures, rightly or wrongly, it can negotiate a better deal than an idiot like John Angelos, possibly including the favorite tactic of sports team owners: "if you don't do better than that for me, I'll have to think about moving the team." John has pretty well blocked himself from making that threat.

Or maybe John's been told that the deadline for the five-year extension is next week, and he thinks that means the deadline rolls over forever since there's always a next week in the future. 

Having just gone through my company getting acquired and being quite involved in gathering info on financial commitments, I agree.  I'm not in finance or accounting, so I'm not entirely clear on why, but it was very evident to me that open financial commitments such as leases aren't desirable to potential buyers.

[drjohnnyfever1]

...it's been a couple weeks.  Has Dan been able to evaluate the books yet?  I mean if the check bounced, that would be embarrassing...

[Can_of_corn]

Didn't they put language in the law they passed for the bribe that only gave the O's a small window to accept it?

If not, why not?

Heck they could have added a clause invalidating the bribe for the Ravens if the O's didn't agree to it.  That would have brought things to a head quickly.

[Roll Tide]

Saw a alert from the Sun that they declined it to continuing working on a long term lease. A bit disturbing IMO

[Can_of_corn]

2 minutes ago, Roll Tide said:

Saw a alert from the Sun that they declined it to continuing working on a long term lease. A bit disturbing IMO

They will sign, they know the State will continue to back down so they are just looking to milk them even more.

[Going Underground]

Per the Baltimore Sun:

 

 

Orioles to decline 5-year Camden Yards lease extension, seek to secure  long 

-- 

 

 

The Orioles will decline an option to extend their Camden Yards lease by five more years, planning instead to secure a longer-term, more comprehensive stadium agreement, according to two people with knowledge of the situation.

The lease expires at the end of 2023, and the baseball team expects to reach a new agreement by then with the Maryland Stadium Authority, the sources told The Baltimore Sun on Wednesday. They are familiar with the thinking of negotiators, but requested anonymity because the decision had not yet been announced.