Puck News: Orioles sold to Rubenstein

[Roll Tide]

12 hours ago, accinfo said:

It would have been very difficult for the Angelos to have paid the estate taxes and kept the Orioles in their family even if they wanted to.  Add the fact that Baseball would still have had to approve the transfer from his estate to one of the family members which I don’t think they would have any stomach to do and the fact none of them have any other significant outside source of income other than the Orioles it seemed highly unlikely to ever stayed in their family.  To say the least this looks like a real happy ending.  

Well maybe not …. How much money have they sucked out of th3 organization over the last 4 or 5 years? 

[AnythingO's]

4 hours ago, Roll Tide said:

Well maybe not …. How much money have they sucked out of th3 organization over the last 4 or 5 years? 

What we can gather from Forbes is the total Operating Income (profit) for 2019 thru 2022 was $184M (including -$23M in 2020). We don't know the 2023 Revenue/Op Income numbers from Forbes yet. From 2021 to 2022 the average attendance rose by 7,374 per game and Revenue rose by $13M ($251 to $264M). From 2022 to 2023 the attendance rose by 6,368 so we should see a similar Revenue bump for 2023 against a $26M bump in Salaries ($45M to $71M).

[Roll Tide]

On 2/3/2024 at 11:21 AM, AnythingO's said:

What we can gather from Forbes is the total Operating Income (profit) for 2019 thru 2022 was $184M (including -$23M in 2020). We don't know the 2023 Revenue/Op Income numbers from Forbes yet. From 2021 to 2022 the average attendance rose by 7,374 per game and Revenue rose by $13M ($251 to $264M). From 2022 to 2023 the attendance rose by 6,368 so we should see a similar Revenue bump for 2023 against a $26M bump in Salaries ($45M to $71M).

I’m guessing somewhere around $500M

Edited February 5 by Roll Tide
Million

[TonySoprano]

On 1/31/2024 at 6:04 PM, TonySoprano said:

Angelos bought the club August 2, 1993 

https://www.baltimoresun.com/1993/08/03/sold-173000000-angelos-dewitt-team-up-to-buy-orioles-the-sale-of-the-orioles-local-ownership-group-pays-record-price-for-club/

Full approval of the purchase was on October 4, 1993.

Two months is about the same timeframe for Cohen's purchase of the Mets to be official in 2020.  Given all that, I expect this will be official around Opening Day.

For once, maybe, just maybe, I get a prediction correctly.

The purchase of the Orioles by private equity billionaire David Rubenstein will be discussed by Major League Baseball owners at their meeting in Florida next week and is on track to be approved more quickly than similar team sales, according to two sources with direct knowledge of the deal’s prospects.

Estimates of the Rubenstein timeline are as short as less than six weeks, but the sources cautioned that it could take longer.

source - https://www.baltimoresun.com/2024/02/02/mlbs-approval-process-for-orioles-sale-to-david-rubenstein-is-moving-rapidly/

[Orioles Jim]

Definitely wish it could somehow be done prior to Opening Day but definitely also understand if that’s just not possible. 6 weeks though…

I said this in another thread, but I’ll be very interested to see if either or both or neither of Rubenstein/John Angelos take place in Opening Day festivities.

[Billy F-Face3]

23 minutes ago, Orioles Jim said:

Definitely wish it could somehow be done prior to Opening Day but definitely also understand if that’s just not possible. 6 weeks though…

I said this in another thread, but I’ll be very interested to see if either or both or neither of Rubenstein/John Angelos take place in Opening Day festivities.

I would think most of the ownership investors, if not all, will be there. Part of the perks of being a minority owner is to enjoy the game from a luxury owners box.

[Frobby]

I was sitting in the 4th row at RFK the night the Lerners’ ownership group closed their purchase of the team. Their entire entourage sat in the three rows right in front of me.  To say they were giddy is a big understatement.  

[Roll Tide]

 

[Frobby]

You have to admit, he’s an impressive dude. 

About David M. Rubenstein
David M. Rubenstein, born and raised in Baltimore, is a graduate of Baltimore City College. He is a globally known philanthropist, investor, author, and interviewer. He is Co-Founder and Co-Chairman of The Carlyle Group, a global investment firm based in Washington, DC. Established in 1987, Carlyle manages $382 billion from 28 offices around the world.

Mr. Rubenstein is Chairman of the Boards of the John F. Kennedy Center for the Performing Arts, the Council on Foreign Relations, the National Gallery of Art, the Economic Club of Washington, and the University of Chicago, as well as a Trustee of Johns Hopkins Medicine. Mr. Rubenstein is an original signer of The Giving Pledge and a recipient of the Carnegie Medal of Philanthropy.

He is a leader in the area of Patriotic Philanthropy, having made transformative gifts for the restoration or repair of the Washington Monument, Lincoln Memorial, Jefferson Memorial, Monticello, Montpelier, Mount Vernon, Arlington House, Iwo Jima Memorial, the Kennedy Center, the Smithsonian, the National Archives, the National Zoo, the Library of Congress, and the National Museum of African American History and Culture. Mr. Rubenstein has also provided to the U.S. government long-term loans of his rare copies of the Magna Carta, the Declaration of Independence, the U.S. Constitution, the Bill of Rights, the Emancipation Proclamation, the 13th Amendment, the first map of the U.S. (Abel Buell map), and the first book printed in the U.S. (Bay Psalm Book).

Mr. Rubenstein is the host of The David Rubenstein Show: Peer-to-Peer Conversations on Bloomberg TV and PBS, Bloomberg Wealth with David Rubenstein on Bloomberg TV, and Iconic America: Our Symbols and Stories with David Rubenstein on PBS; and the author of four books: The American Story: Conversations with Master Historians; How to Lead: Wisdom from the World's Greatest CEOs, Founders, and Game Changers; The American Experiment: Dialogues on a Dream; and How to Invest: Masters on the Craft.

[interloper]

14 minutes ago, Frobby said:

You have to admit, he’s an impressive dude. 

About David M. Rubenstein
David M. Rubenstein, born and raised in Baltimore, is a graduate of Baltimore City College. He is a globally known philanthropist, investor, author, and interviewer. He is Co-Founder and Co-Chairman of The Carlyle Group, a global investment firm based in Washington, DC. Established in 1987, Carlyle manages $382 billion from 28 offices around the world.

Mr. Rubenstein is Chairman of the Boards of the John F. Kennedy Center for the Performing Arts, the Council on Foreign Relations, the National Gallery of Art, the Economic Club of Washington, and the University of Chicago, as well as a Trustee of Johns Hopkins Medicine. Mr. Rubenstein is an original signer of The Giving Pledge and a recipient of the Carnegie Medal of Philanthropy.

He is a leader in the area of Patriotic Philanthropy, having made transformative gifts for the restoration or repair of the Washington Monument, Lincoln Memorial, Jefferson Memorial, Monticello, Montpelier, Mount Vernon, Arlington House, Iwo Jima Memorial, the Kennedy Center, the Smithsonian, the National Archives, the National Zoo, the Library of Congress, and the National Museum of African American History and Culture. Mr. Rubenstein has also provided to the U.S. government long-term loans of his rare copies of the Magna Carta, the Declaration of Independence, the U.S. Constitution, the Bill of Rights, the Emancipation Proclamation, the 13th Amendment, the first map of the U.S. (Abel Buell map), and the first book printed in the U.S. (Bay Psalm Book).

Mr. Rubenstein is the host of The David Rubenstein Show: Peer-to-Peer Conversations on Bloomberg TV and PBS, Bloomberg Wealth with David Rubenstein on Bloomberg TV, and Iconic America: Our Symbols and Stories with David Rubenstein on PBS; and the author of four books: The American Story: Conversations with Master Historians; How to Lead: Wisdom from the World's Greatest CEOs, Founders, and Game Changers; The American Experiment: Dialogues on a Dream; and How to Invest: Masters on the Craft.

It's funny comparing his career/background to John Angelos. Talk about being leagues apart.

Hopefully, John's legacy will be hiring Elias and selling to Rubenstein, pending the success we hope for under the Rubenstein ownership group. Why he couldn't do that without being an ass in public, I have no idea. Literally all he had to do were those two things and keep his mouth shut, and he would be, I think, pretty well thought of around here as the guy who made the right calls to turn the organization around. 

Edited February 5 by interloper

[Frobby]

1 hour ago, interloper said:

It's funny comparing his career/background to John Angelos. Talk about being leagues apart.

Hopefully, John's legacy will be hiring Elias and selling to Rubenstein, pending the success we hope for under the Rubenstein ownership group. Why he couldn't do that without being an ass in public, I have no idea. Literally all he had to do were those two things and keep his mouth shut, and he would be, I think, pretty well thought of around here as the guy who made the right calls to turn the organization around. 

I constantly find it ironic that until last offseason, people were pleading for JA to occasionally say something publicly about the team.  Then once he opened his mouth, people were pleading for him to shut up.  

I’m feeling pretty sanguine about JA these days.  He hired Elias, let him do his thing, and invested money in long term assets as Elias recommended.  The team is in great position now, and since JA doesn’t have the assets or wherewithal to take the team to the next level, he’s getting out of the way.  Do I agree with everything he’s done or said?  No.  Does he come off like a putz?  Yes.  Could be have ran a higher payroll and still made a good profit?  For sure.  But he’s gotten the big things right, and is leaving the organization in a really good spot.  
 

[spleen1015]

9 minutes ago, Frobby said:

I constantly find it ironic that until last offseason, people were pleading for JA to occasionally say something publicly about the team.  Then once he opened his mouth, people were pleading for him to shut up.  

I’m feeling pretty sanguine about JA these days.  He hired Elias, let him do his thing, and invested money in long term assets as Elias recommended.  The team is in great position now, and since JA doesn’t have the assets or wherewithal to take the team to the next level, he’s getting out of the way.  Do I agree with everything he’s done or said?  No.  Does he come off like a putz?  Yes.  Could be have ran a higher payroll and still made a good profit?  For sure.  But he’s gotten the big things right, and is leaving the organization in a really good spot.  
 

I'm with you on this. I also feel ilke it's time to just move on from JA. He's gone fellas. Better things are ahead. Let's think about that. Enjoy it and not worry about the past.

[dystopia]

11 minutes ago, Frobby said:

I constantly find it ironic that until last offseason, people were pleading for JA to occasionally say something publicly about the team.  Then once he opened his mouth, people were pleading for him to shut up.  

I’m feeling pretty sanguine about JA these days.  He hired Elias, let him do his thing, and invested money in long term assets as Elias recommended.  The team is in great position now, and since JA doesn’t have the assets or wherewithal to take the team to the next level, he’s getting out of the way.  Do I agree with everything he’s done or said?  No.  Does he come off like a putz?  Yes.  Could be have ran a higher payroll and still made a good profit?  For sure.  But he’s gotten the big things right, and is leaving the organization in a really good spot.  
 

He has done two things right. Hire Elias and sell the team. Calling him a putz is a massive insult to putzes. 

[Going Underground]

4 minutes ago, spleen1015 said:

I'm with you on this. I also feel ilke it's time to just move on from JA. He's gone fellas. Better things are ahead. Let's think about that. Enjoy it and not worry about the past.

But like the Friday the 13th movies and Halloween movies he will be back every year. Advisor without the mask.

[interloper]

6 minutes ago, spleen1015 said:

I'm with you on this. I also feel ilke it's time to just move on from JA. He's gone fellas. Better things are ahead. Let's think about that. Enjoy it and not worry about the past.

He's not gone yet. We're in the part of the movie where the monster supposedly dies but they didn't show the body. 

Edited February 5 by interloper