- Peter Angelos bought the team as a consortium in 1993 from Eli Jacobs
- His son, John, has been president since 2020, when Angelo’s health deteriorated.
- DailyMail.com provides the latest international sports news.
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Peter Angelos, former owner of the Baltimore Orioles, has died at the age of 94.
The Major League Baseball team announced the news on Saturday, saying Angelos had been ill for several years.
A statement read: “Today, Peter G. Angelos passed away quietly at the age of 94.
‘Mister. Angelos had been ill for several years and the family is grateful to the doctors, nurses and caregivers who provided him comfort in his final years.
“It was Mr. Angelos’ wish to have a private burial and the family asks for your understanding in honoring that request.” Donations can be sent to charities in lieu of flowers.
Peter Angelos, former owner of the Baltimore Orioles, has died at the age of 94.
Angelos purchased the team with a consortium in 1993 from venture capitalist Eli Jacobs.
Angelos bought the team with a consortium in 1993 from New York venture capitalist Eli Jacobs for a price of $173 million. Forbes recently valued the team at $1.713 billion, the 18th highest for a baseball team.
His son, John, has been president and managing partner of the team since 2020, replacing his father as his health deteriorated.
The Orioles, who have not been to the World Series since winning it in 1983, are coming off the winningest season (101-61) during Angelos’ tenure with the team. Baltimore made the playoffs six times in that span (1996, 1997, 2012, 2014, 2016 and 2023).
The Orioles had been the subject of relocation rumors for years, but in October 2019, John stated that he and his father had no plans to move the team.
However, in January it was reported that the Angelos family agreed to sell the majority stake in the team to a group led by billionaire David Rubenstein, and including Orioles legend Cal Ripken Jr. and Mike Arougheti, for $1,725. millions.
Reports in December indicated that Rubenstein, a Baltimore native, could be looking to acquire his hometown team.
Now that seems closer than ever, with Arougheti joining the deal that would value the team at $1.725 million. according to Puck News.
There has been no clarity on when or if the deal will be approved.
It’s unclear what Arougheti’s role will be on the team, but considering Rubenstein has been linked to this purchase the longest, he’s likely to be the primary decision-maker for the ownership group.
His son, John, has been president and managing partner of the team since 2020.
David Rubenstein (left) and Mike Arougheti (right) will buy the Baltimore Orioles
Angelos is pictured with Orioles legend Cal Ripken Jr., who is said to be part of the consortium.
Rubenstein, 74, grew up in Baltimore before attending Duke University and then graduating with a law degree from the University of Chicago.
He founded The Carlyle Group with two others in 1987 and the company has become one of the largest private equity groups in the world.
Carlyle manages approximately $382 billion in assets and generated $4.44 billion in revenue in 2022.
Arougheti is a New York native and co-founder of Ares Management, another private equity firm that manages around $12 billion in total assets as of 2020 and earned $1.765 billion in revenue that same year.