Puck News: Orioles sold to Rubenstein

[ThisIsBirdland]

I don’t think it’s naive to imagine the possibilities with what this team could do with its current foundation, farm system and front office, and then add an Owner willing to actually put up some money. I think it’s possible that they could turn this team into an absolute juggernaut for the next decade, primarily through extensions but then also through a few key acquisitions and trades. Elias may well be more willing to move prospects if he can afford other options on the money side.

Amazing news.

[Remember The Alomar]

Wow now we know why SportsGuy hasn't posted the past hour or so.

 

[Tony-OH]

2 minutes 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. 

You mean the day when Ripken lost his legacy as Mr. Orioles by bashing the actual Mr. Loyal Oriole? 

Brooks will always be Mr. Oriole because had never had said something like that on National TV even if he thought it. That comment and the fact he never apologized was when I stopped being a fan of Cal.

As a part owner, sure, who cares, but no way they would get rid of Elias or force him to bring in Cal in any meaningful role.  

[Moose Milligan]

Getting rid of Dan Snyder and Angelos within a year of each other is truly unbelievable. This is all I’ve really wanted as a fan from both teams for a very long time. You can win multiple championships but you can only get rid of a truly terrible owner that’s had a 20 or 30 year chokehold on your favorite team once. 
 

Bright days ahead, guys. I’m gonna crack a beer now. 

[Morgan423]

Wow.  I can't believe it.  We're finally here.  I feel like crying, joy and relief.

[Frobby]

To answer someone’s question, none of the $700 mm would go to the Orioles, it would go to the owners.   However, with that much cash in his pocket, JA might be more sanguine about allowing the team to operate at a higher payroll, since he doesn’t need to siphon off cash to support his lifestyle.   

[Guest]

I’m gonna wait to hear more about what he has to say, but:

- I want to know more about the Ares Management guy’s connection to Baltimore and the level of his involvement

-Rubenstein is old. It seems possible we’ll be in ownership limbo again sooner rather than later

-it would be hard to run a more cutthroat salary cutting org than Elias has run the last five years, so I would say if Rubenstein decides to run the team for maximum profit it would be unlikely to change what’s on the field. Tickets, concessions though…

-it can get worse . We can always be the As.

-JPA pulled one over on the governor getting that lease done in time

i hope all that’s wrong and he decides he wants to let Elias be a Theo Epstein type  roll where we keep the farm rolling but bankrolled to a couple hundred mil at the same time

 

[wildbillhiccup]

1 minute ago, Tony-OH said:

You mean the day when Ripken lost his legacy as Mr. Orioles by bashing the actual Mr. Loyal Oriole? 

Brooks will always be Mr. Oriole because had never had said something like that on National TV even if he thought it. That comment and the fact he never apologized was when I stopped being a fan of Cal.

As a part owner, sure, who cares, but no way they would get rid of Elias or force him to bring in Cal in any meaningful role.  

It stuck with me too. I was always more of an Eddie guy from that era, but that comment definitely put him on my eternal sh*t list. I imagine he'll be nothing more than an "ambassador" for the team.

[Mooreisbetter27]

I’ve been resigned to the fact that all our young Os will be gone in 6-7 years. This actually gives me hope we may sign some guys to extension. It’s at least more of a possibility now than it was.

[wildcard]

Rubenstein and his partner have a combined net worth of 5.5B.    That sounds like a lot until we consider that Steve Cohen's net worth in 19B.     Elias still has to out smart the big boys.

[Tony-OH]

1 minute ago, Frobby said:

To answer someone’s question, none of the $700 mm would go to the Orioles, it would go to the owners.   However, with that much cash in his pocket, JA might be more sanguine about allowing the team to operate at a higher payroll, since he doesn’t need to siphon off cash to support his lifestyle.   

The only way JA would do that is if he thinks it will help his legacy or should I say his family's legacy of ownership. If the Orioles win the World Series this year, he could still claim credit. 

So thinking that maybe he would allow them to sign a Snell or Montgomery.

[Three Run Homer]

Hopefully Rubinstein's group will be in charge of the purse strings immediately, even if they aren't technically majority owners yet.  

 

[Moose Milligan]

1 minute ago, brooooksy said:

I’m gonna wait to hear more about what he has to say, but:

- I want to know more about the Ares Management guy’s connection to Baltimore and the level of his involvement

-Rubenstein is old. It seems possible we’ll be in ownership limbo again sooner rather than later

-it would be hard to run a more cutthroat salary cutting org than Elias has run the last five years, so I would say if Rubenstein decides to run the team for maximum profit it would be unlikely to change what’s on the field. Tickets, concessions though…

-it can get worse . We can always be the As.

-JPA pulled one over on the governor getting that lease done in time

i hope all that’s wrong and he decides he wants to let Elias be a Theo Epstein type  roll where we keep the farm rolling but bankrolled to a couple hundred mil at the same time

 

Dude. Cmon. 

[Tony-OH]

1 minute ago, brooooksy said:

I’m gonna wait to hear more about what he has to say, but:

- I want to know more about the Ares Management guy’s connection to Baltimore and the level of his involvement

-Rubenstein is old. It seems possible we’ll be in ownership limbo again sooner rather than later

-it would be hard to run a more cutthroat salary cutting org than Elias has run the last five years, so I would say if Rubenstein decides to run the team for maximum profit it would be unlikely to change what’s on the field. Tickets, concessions though…

-it can get worse . We can always be the As.

-JPA pulled one over on the governor getting that lease done in time

i hope all that’s wrong and he decides he wants to let Elias be a Theo Epstein type  roll where we keep the farm rolling but bankrolled to a couple hundred mil at the same time

 

Aren't you the guy who hates Rubenstein because he liquidated a company you were part of or am I thinking of someone else?

[Roll Tide]

12 minutes ago, Warehouse said:

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.

Here 

 

Quote

Can you force a minority shareholder to sell? Through a buy-sell agreement, it is possible for the majority to compel minority shareholders to sell their shares. This commonly occurs in cases of company-wide buyouts where there is a need for a forced buyout of all or certain shares held by minority shareholders.

Surely that agreement was in part of their agreement when the purchasing entity was formed. That’s why there is a controlling owner.