Puck News: Orioles sold to Rubenstein

[eddie83]

They paid $173M in 1993. 
One place I looked at says that’s about $364M in todays dollars. 

About $1.36B more now. 

 

 

[Can_of_corn]

Just now, LookitsPuck said:

Bingo. PE rarely care about customers or fans. They only care about profit and stripping companies down to their bones. I hope Rubinstein operates differently as an owner than his PE firm background. 

Isn't Cohen a venture capitalist?

[Roll Tide]

7 minutes ago, PepeSylvia said:

DING DONG THE WITCH IS DEAD

 

[24fps]

5 minutes ago, Dr. Unk said:

Any legitimacy to that page? 

A completely legit mostly factual (as opposed to opinion) based web site.

[Can_of_corn]

Just now, eddie83 said:

They paid $173M in 1993. 
One place I looked at says that’s about $364M in todays dollars. 

About $1.36B more now. 

 

 

Snyder did better than that after running the Washington Football Team into the ground.

He bought it for 800M in 1999 and sold it for 6B/

[bpilktree]

3 minutes ago, 24fps said:

I think this is most likely good news on the payroll front along with everything else, but remember that private equity companies are not known for spending like drunken sailors for the benefit of their customers.  I'm hoping that Rubenstein and his partner are looking at the O's as a passion project and not a source of short-term profit.

They can’t spend much less than we are now.  So only one way to go.  It seems like lately if you buy a team the league to approve it wants the new owners to have lots of resources and also to spend a good amount.  

[Roll Tide]

 

[RZNJ]

So, for business 101 students, does this mean the 40% is going to be a 700M infusion of cash as soon as the ink is dry?

[LookitsPuck]

Just now, Can_of_corn said:

Isn't Cohen a venture capitalist?

VC isn’t PE. 

[Roll Tide]

Here is the article behind the pay wall

 

https://puck.news/the-orioles-prepare-for-private-equity-control/

[Go_Os]

1 minute ago, LookitsPuck said:

Bingo. PE rarely care about customers or fans. They only care about profit and stripping companies down to their bones. I hope Rubinstein operates differently as an owner than his PE firm background. 

I don't think you have to worry.  Yes, PE firms often buy companies, fire people, and reduce costs before eventually flipping the company, but Rubenstein won't do that with the Orioles.  If anything it will be the opposite - he will increase the payroll significantly.

[Ripken]

Please, God, let this be true.  There's been so much smoke around this.

Might explain why JA was noticeably absent at the stadium lease presser and the DR celebration.

[DrinkinWithFermi]

Feels good, man.

[sevastras]

1 minute ago, RZNJ said:

So, for business 101 students, does this mean the 40% is going to be a 700M infusion of cash as soon as the ink is dry?

$700mm goes to the partnership. $0 goes into the “Orioles” company bank account to be used toward business expenses. 

[24fps]

2 minutes ago, bpilktree said:

They can’t spend much less than we are now.  So only one way to go.  It seems like lately if you buy a team the league to approve it wants the new owners to have lots of resources and also to spend a good amount.  

All good points and I'll wager that Rob Manfred will lobby hard to get John Angelos in the rearview mirror just as soon as possible.