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Monday, June 24, 2024

Orioles Reject Camden Yards Lease Extension, Want Multi-Decade Deal

  • The Baltimore Orioles turned down a five-year lease extension at Camden Yards.
  • The team will seek a larger commitment from Maryland.
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Tommy Gilligan-USA TODAY Sports

The Baltimore Orioles declined to exercise a lease extension on Camden Yards as they seek a bigger deal.

The team and Maryland Gov. Wes Moore released a joint statement expressing their “commitment to creating a long-term, multi-decade, public-private partnership” that “revitalizes the Camden Yards complex as a magnet for sports tourism and leverages Maryland taxpayers’ investment in the property.”

  • On signing a new lease, the Orioles will access $600 million from Maryland, which owns Camden Yards, thanks to a bill passed by the previous administration.
  • The team is seeking at least a 10-15-year commitment, according to the Baltimore Sun, in part to have more time to renovate the park and develop the surrounding area.
  • The team and state are still negotiating issues including revenue sharing, renovation details, and non-baseball uses of the stadium.

The team’s current lease expires this year.

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Family Drama

The negotiations could be complicated by an ongoing legal struggle within the Angelos family. 

The Orioles are majority-owned by Peter Angelos, who is in poor health, and his wife Georgia Angelos. John Angelos, their son, is the team’s chairman and CEO.

Their other son, Louis Angelos, is suing John and Georgia, alleging that they are trying to take control of the family’s assets.

On Thursday, attorney William J. Murphy, was assigned to act as conservator of Peter’s law firm, which Louis runs. Murphy will determine if the firm should be sold or dissolved.

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