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Sunday, June 16, 2024
Law

Orioles’ Finances Could Become Public As Legal Feud Continues

  • Louis Angelos is seeking financial documents related to the Baltimore Orioles.
  • His mother and brother asked a court to restrict the release.
Baltimore-Orioles
Mark J. Rebilas-USA TODAY Sports

The finances of the family that owns the Baltimore Orioles could become public as its internal drama is deliberated in court.

Georgia and John Angelos, the wife and elder son of the ailing Peter Angelos, have asked a court to limit the financial information revealed by lawyers about the Orioles and Peter’s law firm. John is the Orioles’ chairman and CEO.

  • The two are being sued by John’s younger brother, Louis Angelos, who has alleged that John sought to take control over the Orioles and other family assets.
  • Louis subpoenaed documents from Goldman Sachs and Wells Fargo, including ones related to a potential sale of the family’s stake in the team. 
  • He has also sought communications with Major League Baseball commissioner Rob Manfred and other league officials. 

Georgia retained Goldman Sachs and Jones Day to provide services related to a potential sale of the team. She has argued that Peter wanted her to have control over whether the team is sold.

The Washington Nationals, which have a profit-sharing arrangement with the Orioles for their shared regional sports network MASN, are also for sale. Forbes valued the Nationals at $2 billion and the Orioles at $1.38 billion in March.

Firm Freeze

Peter Angelos Law, which is best known for asbestos litigation, is also in the middle of the family tug of war. 

An attorney for Louis Angelos said that the firm could have its assets frozen imminently due to the family’s legal struggle, which would prevent it from operating.

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