Peter Angelos died Saturday at the age of 94.
The longtime Orioles owner had been ill for a number of years, and his family thanked the caregivers “who brought comfort to him in his final years" in their statement announcing his death.
A statement from the Angelos family: pic.twitter.com/vRtrc4Y6Gq
— Baltimore Orioles (@Orioles) March 23, 2024
Angelos has been largely out of the spotlight for the past few years, as his son John took over the day-to-day operations for the franchise in 2020. John Angelos is in the process of selling the Orioles to a group led by Carlyle Group Inc. co-founder David Rubenstein.
Rubenstein was set to purchase 40% of the franchise, pending MLB approval, and then would purchase the remaining 60% upon the death of Peter Angelos.
Here's all you need to know about Peter Angelos' tenure as the Orioles owner and impending sale.
When did Peter Angelos buy the Baltimore Orioles?
Angelos bought the Orioles in 1993 for $173 million, which turned out to be a steal.
The organization struggled in the 21st century until sparking a turnaround in the last few years, led by top draft pick Adley Rutschman. Still, the value of the franchise still skyrocketed under Angelos.
The Orioles have won two AL East division titles since 2000 but still increased their value from $173 million to $1.725 billion, the valuation at which Rubenstein agreed to buy the team.
Angelos family's sale of Orioles to David Rubenstein
The Angelos family isn't selling the Orioles franchise as a result of Peter Angelos's death. The sale has been an ongoing process, one that took a big step in January 2024.
The family agreed to sell 40% of the Orioles to Rubenstein and Mike Arougheti, making Rubenstein the day-to-day operator of the franchise with John Angelos as a senior advisor.
The deal also stated that the remaining 60% stake in the team would be sold to Rubenstein's group when Peter Angelos dies. Angelos wanted the team to be sold when he died, and he received his wish.
Angelos' death will not impact the plan for the sale, per a spokesperson for Rubenstein. The terms will remain the same, pending the approval of MLB owners, the Baltimore Banner reported.
Reactions from MLB community
The MLB community offered their reactions on social media after the announcement of Angelos' death, including Rubenstein.
"I offer my deepest condolences to the Angelos family on the passing of Peter Angelos," Rubenstein said in a statement. "Peter made an indelible mark first in business and then in baseball. The city of Baltimore owes him a debt of gratitude for his stewardship of the Orioles across three decades and for positioning the team for great success."
.@orioles fans, here is my statement on the passing of Peter Angelos:
— David M. Rubenstein (@DM_Rubenstein) March 23, 2024
I offer my deepest condolences to the Angelos family on the passing of Peter Angelos. Peter made an indelible mark first in business and then in baseball. The city of Baltimore owes him a debt of gratitude for…
Peter Angelos, legal icon, O’s owner https://t.co/rgZQ6RoqY5 sympathies to the Angelos family. Kept the O’s in Baltimore. And did so much for so many, with little fanfare.Always treated so well by Mr A.. RIP
— Jim Palmer (@Jim22Palmer) March 23, 2024
Peter Angelos was an incredibly hard-worker, a self-made billionaire who went from working in a bar to becoming one of the most successful plaintiff lawyers in US history. He loved Baltimore. What made him great as a lawyer was his weakness as a baseball owner: he did not easily…
— Buster Olney (@Buster_ESPN) March 23, 2024