Puck News: Orioles sold to Rubenstein

[Moose Milligan]

1 minute ago, wildbillhiccup said:

I'm not looking to file a civil suit against the man! It's just my opinion based on interviews, public appearances, etc. over the years. We could dive into how "The Streak" evolved into something that was mostly an ego driven milestone that was  detrimental to the team for those last few seasons, but I really don't want to go there during what is the happiest week in Orioles baseball in a quite a long time. 

I didn't say you were looking to file a civil suit against him.  I just wanted you to clarify your opinions.  

You can hate on The Streak, that's fine.  

[Roll Tide]

58 minutes ago, Tony-OH said:

This has been leaking out for months. Remember the threads here about this? Then JA poo-poo'd the idea because he was working the stadium lease in a way to enrich himself the best.

 

Yes … that’s what I was trying to say

Edited February 1 by Roll Tide

[Roll Tide]

31 minutes ago, Moose Milligan said:

Where’s the evidence?

Mind you, I’m not stumping for Cal to have some glorified coaching role either. I’ve just seen you badger him for his apparently massive ego with nothing added as proof. I know that there’s the “sorry Brooksie” comment that has forever tarnished him in the eyes of some. Outside of that, I can’t really think of anything terrible about him unless we’re digging up old SI articles where he stayed in separate hotels. 
 

 

@wildbillhiccup

 

I’ve spoken to him in recent years and never got that impression. For a guy on the other side of the financial ledger he never acted like that. Plus I met him a few times when he was a player and he never gave off that vibe. If you were exposed to something that made you feel different I suppose you have the right. I just have had a completely different experience. BTW, I’m not trying to say I know Cal personally or that we’re life long buds or anything. I was lucky enough to have ran to him in public a few times including a Southwest flight from BWI to Florida and a couple of events. 

Edited February 1 by Roll Tide

[SemperFi]

Excerpts from the Athletic/Rosenthal and Ghiroli

https://theathletic.com/5242865/2024/02/01/baltimore-orioles-sale-valuation/

Industry analysts and MLB insiders on the Orioles’ $1.725 billion valuation: ‘Low’

"Around baseball, the reaction to the valuation of the Baltimore Orioles at $1.725 billion was one of surprise and in some cases disbelief.

Seven industry analysts and rival officials, granted anonymity in exchange for their candor, all used the same word to describe the price:

“Low.”

 

People in the sport offered a variety of potential reasons for why Peter’s son, Orioles managing partner John Angelos, accepted the $1.725 billion valuation, even though higher offers might have been available both in the past and future.

Those reasons included John’s possible frustration over the recently included lease negotiations for the Orioles at Camden Yards, cash-flow issues the family might be experiencing and the influence of Georgia Angelos

Forbes estimated the Orioles last March to be worth $1.713 billion. That valuation, however, did not include the Mid-Atlantic Sports Network (MASN)

Cash-flow issues

The bill for the Orioles in their years-long dispute with the Nationals over television rights fees is coming due.

In June, Orioles-controlled MASN agreed to pay the Nationals about $100 million in unpaid rights fees for the period between 2012 to ’16. In November, a league-appointed committee ruled MASN owed the Orioles and Nationals about $300 million each for the period between 2017 and ’21.  The rights fees for 2022 to ’26 have not been determined.

MASN held about $105 million in escrow preparing for the possibility of the first payment. It is not known how the network – and by extension, Angelos – planned to come up with the money for the 2017 to ’21 period."

[joelala]

About 15 years ago I saw Cal at Pepe’s on Falls Road (great Philly cheesesteak.) My teenage brother was maybe a bit star struck and staring and Cal said, while trying to access the the potato chip rack, verbatim, “get out of my way.” That singular focus and drive to overcome obstacles could be invaluable for Gunnar. 

[Moose Milligan]

30 minutes ago, SemperFi said:

Excerpts from the Athletic/Rosenthal and Ghiroli

https://theathletic.com/5242865/2024/02/01/baltimore-orioles-sale-valuation/

Industry analysts and MLB insiders on the Orioles’ $1.725 billion valuation: ‘Low’

"Around baseball, the reaction to the valuation of the Baltimore Orioles at $1.725 billion was one of surprise and in some cases disbelief.

Seven industry analysts and rival officials, granted anonymity in exchange for their candor, all used the same word to describe the price:

“Low.”

 

People in the sport offered a variety of potential reasons for why Peter’s son, Orioles managing partner John Angelos, accepted the $1.725 billion valuation, even though higher offers might have been available both in the past and future.

Those reasons included John’s possible frustration over the recently included lease negotiations for the Orioles at Camden Yards, cash-flow issues the family might be experiencing and the influence of Georgia Angelos

Forbes estimated the Orioles last March to be worth $1.713 billion. That valuation, however, did not include the Mid-Atlantic Sports Network (MASN)

Cash-flow issues

The bill for the Orioles in their years-long dispute with the Nationals over television rights fees is coming due.

In June, Orioles-controlled MASN agreed to pay the Nationals about $100 million in unpaid rights fees for the period between 2012 to ’16. In November, a league-appointed committee ruled MASN owed the Orioles and Nationals about $300 million each for the period between 2017 and ’21.  The rights fees for 2022 to ’26 have not been determined.

MASN held about $105 million in escrow preparing for the possibility of the first payment. It is not known how the network – and by extension, Angelos – planned to come up with the money for the 2017 to ’21 period."

Do.  Not.  Care.

The Angelos family is gone.

[ThisIsBirdland]

28 minutes ago, SemperFi said:

Excerpts from the Athletic/Rosenthal and Ghiroli

https://theathletic.com/5242865/2024/02/01/baltimore-orioles-sale-valuation/

Industry analysts and MLB insiders on the Orioles’ $1.725 billion valuation: ‘Low’

"Around baseball, the reaction to the valuation of the Baltimore Orioles at $1.725 billion was one of surprise and in some cases disbelief.

Seven industry analysts and rival officials, granted anonymity in exchange for their candor, all used the same word to describe the price:

“Low.”

 

People in the sport offered a variety of potential reasons for why Peter’s son, Orioles managing partner John Angelos, accepted the $1.725 billion valuation, even though higher offers might have been available both in the past and future.

Those reasons included John’s possible frustration over the recently included lease negotiations for the Orioles at Camden Yards, cash-flow issues the family might be experiencing and the influence of Georgia Angelos

Forbes estimated the Orioles last March to be worth $1.713 billion. That valuation, however, did not include the Mid-Atlantic Sports Network (MASN)

Cash-flow issues

The bill for the Orioles in their years-long dispute with the Nationals over television rights fees is coming due.

In June, Orioles-controlled MASN agreed to pay the Nationals about $100 million in unpaid rights fees for the period between 2012 to ’16. In November, a league-appointed committee ruled MASN owed the Orioles and Nationals about $300 million each for the period between 2017 and ’21.  The rights fees for 2022 to ’26 have not been determined.

MASN held about $105 million in escrow preparing for the possibility of the first payment. It is not known how the network – and by extension, Angelos – planned to come up with the money for the 2017 to ’21 period."

Wow. That last part, that's pretty shocking. I'd always assumed the O's were being forced to hold the entirety of what might be owed to the Nationals in escrow, but if they were all of a sudden on the hook for $300m, that actually explains a lot.

[Frobby]

Just now, Moose Milligan said:

Do.  Not.  Care.

The Angelos family is gone.

There’s literally no reason for fans to care if the sales price was lower than expected. The Angelos family only gets ten times their original investment — boo hoo!  None of that cash is going to the team. If anything, it leaves more money in the new owners’ pockets that can be invested in the team (if the new owners are so inclined) rather than paid to the former owners.

[Can_of_corn]

6 minutes ago, ThisIsBirdland said:

Wow. That last part, that's pretty shocking. I'd always assumed the O's were being forced to hold the entirety of what might be owed to the Nationals in escrow, but if they were all of a sudden on the hook for $300m, that actually explains a lot.

Pretty stupid of them to not have planned better.

Makes me wonder where all the profits have been going.

[MCO'sFan]

41 minutes ago, SemperFi said:

Excerpts from the Athletic/Rosenthal and Ghiroli

https://theathletic.com/5242865/2024/02/01/baltimore-orioles-sale-valuation/

Industry analysts and MLB insiders on the Orioles’ $1.725 billion valuation: ‘Low’

"Around baseball, the reaction to the valuation of the Baltimore Orioles at $1.725 billion was one of surprise and in some cases disbelief.

Seven industry analysts and rival officials, granted anonymity in exchange for their candor, all used the same word to describe the price:

“Low.”

 

People in the sport offered a variety of potential reasons for why Peter’s son, Orioles managing partner John Angelos, accepted the $1.725 billion valuation, even though higher offers might have been available both in the past and future.

Those reasons included John’s possible frustration over the recently included lease negotiations for the Orioles at Camden Yards, cash-flow issues the family might be experiencing and the influence of Georgia Angelos

Forbes estimated the Orioles last March to be worth $1.713 billion. That valuation, however, did not include the Mid-Atlantic Sports Network (MASN)

Cash-flow issues

The bill for the Orioles in their years-long dispute with the Nationals over television rights fees is coming due.

In June, Orioles-controlled MASN agreed to pay the Nationals about $100 million in unpaid rights fees for the period between 2012 to ’16. In November, a league-appointed committee ruled MASN owed the Orioles and Nationals about $300 million each for the period between 2017 and ’21.  The rights fees for 2022 to ’26 have not been determined.

MASN held about $105 million in escrow preparing for the possibility of the first payment. It is not known how the network – and by extension, Angelos – planned to come up with the money for the 2017 to ’21 period."

Quick Question: Is the $1.7B for 100% of the O's/MASN or is it the 40% that they've been discussing? I have assumed that it was the price the "new" group is paying for 100% of the team/MASN. Also, does it include the portion that the family will keep? I don't really care but it seems like an abvious question. 

[Pickles]

5 minutes ago, Can_of_corn said:

Pretty stupid of them to not have planned better.

Makes me wonder where all the profits have been going.

I think they were desperately trying to accumulate as much cash as possible in order to avoid having to sell upon Peter's death.

[Can_of_corn]

1 minute ago, Pickles said:

I think they were desperately trying to accumulate as much cash as possible in order to avoid having to sell upon Peter's death.

That is what I thougt but if that was the case they would have had that money on hand for the MASN payout.

[TheWall]

1 minute ago, MCO'sFan said:

Quick Question: Is the $1.7B for 100% of the O's/MASN or is it the 40% that they've been discussing? I have assumed that it was the price the "new" group is paying for 100% of the team/MASN. Also, does it include the portion that the family will keep? I don't really care but it seems like an abvious question. 

I'm pretty sure it means that the team is valued at $1.7B in the deal so they are paying 40% of of that right now. 

[ThisIsBirdland]

1 minute ago, MCO'sFan said:

Quick Question: Is the $1.7B for 100% of the O's/MASN or is it the 40% that they've been discussing? I have assumed that it was the price the "new" group is paying for 100% of the team/MASN. Also, does it include the portion that the family will keep? I don't really care but it seems like an abvious question. 

As I understand it it's the combined valuation for the O's/MASN, so the 40% will require payment to the current Ownership group of roughly $690m.

[Pickles]

10 minutes ago, Can_of_corn said:

That is what I thougt but if that was the case they would have had that money on hand for the MASN payout.

Would they?   That's a lot of cash.  I think JA tried to leverage the lease.  I think that was the last Hail Mary.  After that, he realized it was impossible to retain the team after his father's passing and the sale is him accepting the inevitable.