Puck News: Orioles sold to Rubenstein

[deward]

2 minutes ago, Roll Tide said:

I wouldn’t mind him being in the front office in some role and a minority owner. As long as they allow Elias to control the player operations side.

I love Cal, and have long hoped he'd one day be involved in a group that would buy out Angelos, but I don't want him involved in day to day ops in anything other than a PR capacity.

[Remember The Alomar]

Just now, Frobby said:

Repeating a point I made when the rumor first came out, Rubenstein is a very charitable guy who has given away hundreds of millions of dollars and has pledged to donate half his fortune to charity.  So, I very much doubt he’s buying the Orioles as a cash cow.   He will want to win.  

Very much hoping for Mike Illitch but smart. 

[Can_of_corn]

2 minutes ago, Moose Milligan said:

It depends on what that responsibility is. 

Maybe what color urinal puck they use.

[deward]

2 minutes ago, Frobby said:

Repeating a point I made when the rumor first came out, Rubenstein is a very charitable guy who has given away hundreds of millions of dollars and has pledged to donate half his fortune to charity.  So, I very much doubt he’s buying the Orioles as a cash cow.   He will want to win.  

At his age, I imagine there might be some sense of urgency to it as well.

[Warehouse]

56 minutes ago, Can_of_corn said:

Crazy to me that I could buy something 30 years ago and be forced to sell it at a price I didn't negotiate.

But like I said, not my area of study.

There’s likely a provision a that entitles the limited partners to cash out at the sale price if control is transferred.  That’s the real issue for the passive owners rather than being forced to sell.  LP ownership shares trade at a substantial discount to market value.  Much of the Orioles’ ownership is with the estates of deceased owners (e.g., Tom Clancy) who have been waiting for this to distribute to heirs.  It could be 20 years before they get another chance to cash out at market value.

[Frobby]

In related news, the Orioles just signed Blake Snell and Jordan Montgomery.  

[Tony-OH]

7 minutes ago, Justinlstn said:

This may be the second greatest thing JA has done for the Orioles. 

Now he can move to Nashville full time and enjoy his money baths!

[Going Underground]

User Clip: Rubenstein: What can you do to fix the Orioles?" | C-SPAN.org
https://www.c-span.org/video/?c4743298/user-clip-rubenstein-fix-orioles

[Moose Milligan]

1 minute ago, Can_of_corn said:

Maybe what color urinal puck they use.

Orange or black. 

[OsFanSinceThe80s]

3 minutes ago, Moose Milligan said:

I will excuse this disaster of an offseason if this is true. It explains a lot, hopefully. 

That’s what I’ve been holding out hope for that the negotiations and preparation of the team for sale prevented any major moves. Looking like that might be true instead of the usual inaction we’ve grown accustomed to seeing from the Angelos stewardship of the team. 

[wildbillhiccup]

8 minutes ago, Can_of_corn said:

I hope it's just as a figurehead and not a position of responsibility.

Me too. The last thing we need is a Jeter 2.0 situation. Great player, but I don't want anywhere near a position of authority. I still remember when they had Ripken in the booth for a national playoff game a few years ago and he said the Adrian Beltre was a better 3B than Brooks Robinson. 

[Moose Milligan]

1 minute ago, Frobby said:

In related news, the Orioles just signed Blake Snell and Jordan Montgomery.  

Okay now we’re getting carried away. 

[Going Underground]

1 minute ago, Tony-OH said:

Now he can move to Nashville full time and enjoy his money baths!

Heard John was working with the Nashville group to buy the Orioles and move them to Nashville. His brother will work on voiding the lease.

[Warehouse]

David Rubinstein on CNBC Squawk Box, 9/1/22:

“There’s no doubt that I feel I’m one of the few people in private equity that doesn’t own a sports team. All my friends bought sports teams and I said, ‘Look, your investors are not going to take you seriously by you diverting your attention to these sports teams.’ But I was wrong.” 

“It’s very difficult to buy a sports team and lose money. Some people have done it, but it’s very rare. In baseball and basketball, you make your money when you sell the team. In the NFL, you make your money all the time because it’s so profitable.”

“You’re going to see baseball teams, basketball teams and others combine in one company and ultimately, those companies will go public.”

“It’s not the highest profitability thing I hope to be doing in my investment career, but I do think that it’s not something I’m doing to lose money, if I do it.” 

Go to minute 34 in this podcast 

[OsFanSinceThe80s]

1 minute ago, wildbillhiccup said:

Me too. The last thing we need is a Jeter 2.0 situation. Great player, but I don't want anywhere near a position of authority. I still remember when they had Ripken in the booth for a national playoff game a few years ago and he said the Adrian Beltre was a better 3B than Brooks Robinson. 

Co-sign. Cal needs to be like the greeter at a casino when it comes to his involvement with the Orioles operations.