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The Baltimore Orioles have hired Goldman Sachs to “assess the prospects for selling the team,” according to The Athletic.
The team is not officially up for sale, but the future of the team’s ownership is certainly in limbo considering the drama within the current ownership group.
Louis Angelos, son of owner Peter Angelos, filed a lawsuit in June against his brother and mother, John and Georgia, to force a sale of the team.
Louis argues in his lawsuit that John “has sought to seize control of his father’s estate and to completely exclude” him, the suit says.
“The corrupting effect of John’s actions has been to thoroughly frustrate [Louis] Angelos’ intentions,” the suit added. “John intends to maintain absolute control over the Orioles — to manage, to sell or, if he chooses, to move to Tennessee [where he has a home and where his wife’s career is headquartered] — without having to answer to anyone.”
The suit also says Georgia wants to sell the team when her ailing husband dies.
However, John recently said the O’s will “remain in Baltimore … as long as Fort McHenry is standing watch over the Inner Harbor.”
Georgia added that “any suggestion that Peter, John, or I would explore moving the Club is false and intentionally divisive.”
A move is unlikely, especially considering Maryland’s legislature has committed $1.2 billion for Camden Yards improvements.
The team also likely would not be put up for sale, if it is at all, until after Peter dies. The Angelos family would have to pay a large amount in taxes if a sale prior to that were to happen. Georgia is in line to have full control of the team tax-free.
The Washington Nationals are expected to be sold over the winter, while the Los Angeles Angels may also hit the market soon.
The Orioles have played in Baltimore since 1954.
The post Orioles hired investment bank to assess potential sale of team: report appeared first on Fox News.Last Update: Fri, 23 Sep 22 18:17:15