Orioles owner Peter Angelos has passed away at age 94, the news delivered by his family via a social media post on Saturday afternoon.
"Today, Peter G. Angelos passed away quietly at the age of 94. Mr. Angelos had been ill for several years, and the family thanks the doctors, nurses and caregivers who brought comfort to him in his final years. It was Mr. Angelos' wish to have a private burial, and the family asks for understanding as they honor that request. Donations may be sent to charity in lieu of flowers,” the statement read.
Angelos was the principal investor in a group that purchased the Orioles back in 1993 for $173 million, the most for a sports franchise at that time, and he served as chairman of the board and CEO of the team before transferring control of day-to-day operations to sons John and Louis amidst failing health, with John taking over as chairman and main control person in 2020.
A Baltimore native, Angelos built his fortune as a lawyer specializing in class-action lawsuits, his highest-profile win a 1992 case representing thousands of workers who had been exposed to asbestos at their jobs. That helped him purchase the Orioles the next year, and over the next 30 years, he was seen as a hands-on owner who, notably, drew ire from fellow owners (and gained respect from the MLBPA) for refusing to use replacement players in 1995 before the MLB strike ended.
The Orioles recently negotiated a new lease with Baltimore to stay at Camden Yards for the next 15 years, and last month, the Angelos family agreed to sell the team to a group led by venture capitalist David Rubenstein for $1.725 billion.
Rubenstein initially bought a 40 percent stake, with the majority stake of waiting to be assumed by Rubenstein’s group until after Peter’s death as a way to minimize capital gains taxes on the Angelos family. The Maryland Stadium Authority approved the sale this week and MLB owners are expected to approve it this spring, at which point the full sale will take effect.
Following news of Angelos’ passing, Rubenstein, also a Baltimore native, issued the following statement:
“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 his stewardship of the Orioles across three decades and for positioning the team for great success.”