Longtime Baltimore Orioles owner Peter Angelos has died after an illness that has kept him out of the public eye in recent years. He was 94.
“It was Mr. Angelos’ wish to have a private burial, and the family asks for understanding as they honor that request,” the Angelos family said in a statement that also thanked his doctors, nurses and caregivers who tended to him.
Angelos’ death comes less than two months after his son, John, who serves as team CEO, agreed to sell the Orioles to a group led by Carlyle Group co-founder David Rubenstein at a $1.725 billion valuation. Rubenstein’s group is purchasing 40% of the franchise to start and the remaining 30% held by the Angelos family after Peter’s death. They also have the right to buy the 30% held by limited partners.
The deal is awaiting final approval by MLB.
“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.”
Angelos was born on the Fourth of July in 1929 and made his fortune as a high-profile trial lawyer, whose firm earned hundreds of millions of dollars in lawsuits against tobacco and asbestos firms. In 1993, he was the principal investor in the purchase of his hometown Orioles for $173 million, which was the highest price ever paid for a sports franchise. His ownership group included writer Tom Clancy, filmmaker Barry Levinson and tennis’ Pam Shriver.
The deal came a year after the opening of Camden Yards, and the Orioles were one of baseball’s top clubs financially, often ranking second behind only the New York Yankees in annual revenue as fans flocked to see Cal Ripken Jr. at Camden Yards, which was widely praised and triggered a building boom of MLB stadiums.
Angelos made headlines in 1995 when he refused to follow an MLB plan to use replacement players during a union strike that began the previous season—the Orioles canceled their spring training games, and the strike was settled before MLB used replacement players in regular season games.
After a pair of American League Championship Series appearances in 1996 and 1997, the Orioles struggled on the field with 14 straight losing seasons. The team had a five-year resurgence, but then sank even deeper with three 100-loss seasons in four years, including a 47-115 record in 2018. The lean years put the Orioles at the top of MLB drafts that have produced talent at the major league level, as well as the top farm system in the sport.
Attendance at Camden Yards jumped 42% in 2023 as the Orioles made the playoffs for the first time since 2016.
