Major League Baseball has approved Orioles executive vice president John Angelos as the franchise’s new “control person,” Jeff Barker of the Baltimore Sun reports. Angelos’ new title means he’ll officially take over as the Orioles’ primary owner, succeeding his father, Peter Angelos, who purchased the team for $173MM in 1993.
John Angelos required approval from 22 of the league’s other 29 owners to become the face of O’s ownership, though the league hasn’t disclosed how many votes he received, according to Barker. The 91-year-old Peter Angelos remains the Orioles’ majority owner, but his health is failing, which has led John and his brother Louis to take on bigger roles with the organization in recent years.
The question now is whether the Orioles will remain in the Angelos family for the long haul. The Baltimore Sun reported earlier this week that at least three people have considered forming bidding groups if the Angelos family decides to sell the team. As Barker writes, though, if Angelos’ sons do part with the franchise when their father is still alive, it would “subject the owner to steep capital gains taxes based on how much the club’s value has appreciated over the years.” However, if the team’s sold after Peter Angelos passes away, it would eliminate the capital gains tax.
It’s important to note that there is no indication the Orioles will end up on the block or leave Baltimore. John Angelos said in 2019 that the Orioles will stay in Baltimore for “as long as Fort McHenry is standing watch over the Inner Harbor.”
General manager Mike Elias echoed a similar sentiment in a letter to season-ticket holders this week, writing (via the Baltimore Sun), “There is nothing uncertain about the future of your Orioles in Baltimore.”
Somebody owns the Orioles? God help him. All right, I’m being a little snide. The team is a ways from contention, though. Bad record, underwater run diff, not much in the pipeline, tough division. It would probably take some serious spending to make the team competitive any time soon, and that doesn’t seem to be happening.
I mean, as someone who follows the team, I feel like I can say you’re wrong. They were an improved team last season, with a bunch of talent in the minors. Their analytics department is catching up, as is the team’s presence in south america. Mike Elias has done a great job reshaping the organization in just 2 years. They’re still a couple years away from serious contention, but this team is obviously trending upward.
You clearly don’t know anything up to date about this team. Seems like you’re stuck in 2018-2019. They’re in the top 15 in farm systems and they’re now players in Latin America. Elias plan seems to be moving this team in the right direction.
Top 8*
Yes, somebody does – indeed – own this franchise worth – ya know – 1.4 billion dollars.
The only issue is Mike Elias and their front office, time to clean house and start building from within!
#2 overall prospect. 5 in top 100. 3 that graduated from top 100 prospects to their 2020 roster. Not a single position player over 30 except Davis who will probably not play another game in an Oriole uniform.
There are things to be excited about if you are an Orioles fan in terms of position players. Still need lots of help on that pitching staff.
They are 2-3 years away, but there is light at the end of the tunnel.
I think the Angelos’ family is taking over at a good time. The worst phase of the rebuild is over; there are some good building blocks in place; the farm is excellent and there’s only one immovable contract remaining for two more years. The Peter Angelos is leaving the O’s in far better shape than what Mike Illich left the Tigers in.
This formerly proud and great franchise certainly deserves better management. Hopefully they can turn things around.
Elias is fine… Not sure what you mean.
He was in the middle of the Hou
Scandle, committed pension fraud w/Holt and possible ML coaches, and has no idea how to lead/manage! But other than that, he’s fine!
The pension fraud story was a fake story published by a disreputable newspaper. MLB immediately countered it and said that there was no investigation.
Owner lives, owner dies
I can hear the line from the Dirty Harry movies…. You are all heart Callahan
Peter’s 91, huh? In a few more years, he can run for President.
Best comment so far.
Not interested in starting a political debate, just looking for a factual answer from anyone who knows. So if the capital gains tax disappears with Peter’s death, is it offset by the estate tax John and siblings pay upon inheriting the team?
If something is bought for 173M and sold for 2B, I find it hard to imagine Uncle Sam not getting a bite somewhere along the line. Is there any chance John or other heirs may feel compelled to sell the team in order to pay such a hand-me-down tax?
Just wondering.
Basically it’s a tax loophole.
The basis for the asset resets upon inheritance. The new owner holds it at whatever valuation is upon receipt, so, theoretically it wouldnt have appredciated if sold just after getting it.
It’s how the Jr steimbrenners inherited the Yankees without needing to sell the team. There was a loophole window where the asset wasn’t taxable due to what was going on at the federal level.
As for the fathers estate, yes, it would be liable for the total valuation of all assets present. BUT, if ‘ownership’ was transferred into a trust or other entity, well… that’s a whole different rabbit hole to get the team out of the estate beforehand.
Much obliged.
I should have known it would be intentionally complicated so rich people could skate…..
As an O’s fan, I hope this is a formality that makes it easier to sell the team after Mr. Peter Angelos passes. Please new ownership.
Careful what you wish for. Several groups have expressed interest in buying them to move them out of Baltimore.
Please, for the love of anything sacred, do not let them be moved out of Baltimore.
There’s at least 6 or 7 teams that should be moved before Baltimore.
Hello Nashville!
Chico, I don’t understand why you’d be begging for new ownership when by all accounts the franchise is headed in the right direction? That’s an odd view, to me.
Admittedly, the Orioles have been chaotically run, over the past two decades. Angelos has spent on big contracts over the years, wisely, though…perhaps not(Crush, Albert). The biggest problem is they haven’t consistently developed home-grown talent. They seem to have some good players in the pipeline, now, though.
Quick! Somebody check how stable the Fort McHenry foundation is…..
I would hope they wouldnt move. They have one of the most iconic stadiums in baseball.
Orlando?
The real question is who will come up with the cash to cover the MASN money owed +interest that needs to go to the Nats.
Does that bill go to the new owners as an ‘all debts and liabilities’ transfer?
If MLB were smart, the owners would require Angelos to settle up before approving any changes. Time for that mess to be cleaned up anyways.