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Tuesday, July 16, 2024

Orioles’ New Lease Unlocks $600M in Development Funds

  • The Baltimore Orioles are committing to their revered Camden Yards with a new lease.
  • The team could be sold by the feuding Angelos family.
Baltimore-Orioles-Camden-Yards
Tommy Gilligan-USA TODAY Sports

The Orioles are committing to Baltimore, as the team and city look to collaborate on a development surrounding Oriole Park at Camden Yards. 

Team CEO John Angelos signaled his intent to sign a new lease with the Maryland Stadium Authority to keep the team in their beloved Camden Yards. A potential sale of the team had stirred up chatter that it could move to Nashville or elsewhere.

  • A new lease will allow the team to access up to $600 million in public funds: Maryland passed a bill earlier this year allowing the state’s Stadium Authority to borrow up to $1.2 billion for stadium improvements, divided evenly between the O’s and Baltimore Ravens.
  • Any bonds issued for the stadiums must have repayment periods that do not extend past the length of the respective stadium leases.
  • Angelos wrote that the funds would be used for “the reinvestment and reimagination of the Camden Yards Sports Complex,” which could be redeveloped into a “year-round live/work/play entertainment destination.”

Family Feud

The fate of Orioles ownership is tied up in a family drama as Georgia Angelos, the wife of ailing owner Peter Angelos, tangles for control with their sons, John and Louis Angelos.

Louis has sued his mother and brother, claiming that John has sought to take over ownership and control of the team, while Georgia has argued that she should determine whether the team is sold.

The three are also in a legal tussle over Peter’s law firm.

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