While the Angelos family selling the Baltimore Orioles was huge and welcome news for long-time fans of the franchise, a new report claims the reigning American League East champions were actually sold for a bargain rate.
After months of rumblings that the Orioles could be up for sale, the news broke late last month that a group led by Baltimore native David Rubenstein would be purchasing the team for a whopping $1.72 million. The revelation was met with a great deal of excitement by supporters frustrated with the Angelos family’s lack of aggression to add payroll and improve the roster over the last decade.
The man worth nearly $4 billion brings renewed long-term hope for the franchise that has become a powerhouse in the American League over the last two seasons. And in an era where rival franchises are handing out absurd contracts, wealth is needed to compete at the highest levels of the sport. However, it seems the franchise might have been able to get an even wealthier buyer but chose not to.
Baltimore Orioles sold for lower price than it could have been if officially put on sale
The Angelos family never officially put the organization on sale and kept talks with Rubenstein close to the vest. That approach apparently surprised some owners around the league who believe the franchise could have been sold for far more.
“Several MLB owners say they were stunned the Orioles were sold for only $1.72 billion, believing the Angelos family would have received much more if they had opened the bidding to other bidders. The sale was a major surprise to most MLB executives,” USA Today MLB insider Bob Nightengale wrote on Sunday.
In comparison, Steve Cohen purchased the New York Mets — the second most popular team in that city — for $2.4 billion three years ago. While the Baltimore Orioles may not have the same business value as a New York franchise, it certainly could have sold for much closer to $2 billion with the team’s future very bright and sports team prices at record highs.
However, selling to a native of the area who understands local fans and has a personal interest in the franchise certainly are major positives in Rubenstein getting the franchise over other potential buyers. The Orioles originally sold to the Angelos family back in 1993 for what was a then-record $173 million. Forbes currently values Baltimore as the 18th most-valuable MLB franchise at $1.7 billion.
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