Angelos had been in declining health for about six years, and his death came as his family prepared to sell the teamGetty Images
Longtime Orioles owner Peter Angelos died Saturday at 94. He “passed away quietly,” though the Greater Baltimore Medical Center “declined to provide the cause of death.” Angelos had been in "declining health for about six years." His death came as his family “prepared to sell the team” to Carlyle Group co-founder and Baltimore native David Rubenstein, a purchase that is “awaiting final approval by MLB owners.” Angelos "rose from blue-collar roots to amass great wealth as a lawyer," particularly from "suing companies that had exposed workers to asbestos.” He won more than $1B in "damages from asbestos companies during the 1990s and built a veritable empire on the commissions." He used his fortune to buy the Orioles for a then-record $173M in 1993. A "demoralizing string of Orioles’ losing seasons and Angelos’ propensity for micromanaging" the club prompted some fans to “turn on him over the years.” But in political and civic circles, Angelos “ultimately will be remembered for all he brought to the city.” The Orioles in a statement said that his burial “will be private” (BALTIMORE SUN, 3/23). Angelos was the subject of an SBJ cover story in 2013.
Rubenstein spokesperson Chris Ullman said that Angelos’ death will "not affect current plans in place for the sale” valuing the team at $1.725B. The Rubenstein group will “initially assume a nearly” 40% ownership stake in the Orioles. The money to acquire that stake “will come from Rubenstein and other members of the group.” That group has an "agreement to purchase the Angelos family’s remaining equity now that Peter Angelos has passed away." Ullman said that his death does "not change those terms” (BALTIMORE SUN, 3/23).
