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Industry analysts and MLB insiders on the Orioles' $1.725 billion valuation: 'Low'

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Industry analysts and MLB insiders on the Orioles' .725 billion valuation: 'Low'

Around baseball, the reaction to the valuation of the Baltimore Orioles at $1.725 billion was one of surprise and in some cases disbelief.

Seven industry analysts and rival officials, granted anonymity in exchange for their candor, all used the same word to describe the price:

“Low.”

The Orioles officially announced the sale of the franchise Wednesday to a group led by David Rubenstein, a Baltimore native who founded private equity firm The Carlyle Group. According to Puck News, which first reported the sale, the Rubenstein group initially will purchase about 40 percent of the club. The group, according to a source briefed on the terms, then will have the option to gain full control after the death of Peter Angelos, pending approval from Major League Baseball.

That approval likely would take months as the league conducts background and financial checks on the members of Rubenstein’s group and reviews the sale through internal committees. People in the sport offered a variety of potential reasons for why Peter’s son, Orioles managing partner John Angelos, accepted the $1.725 billion valuation, even though higher offers might have been available both in the past and future.

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Those reasons included John’s possible frustration over the recently included lease negotiations for the Orioles at Camden Yards, cash-flow issues the family might be experiencing and the influence of Georgia Angelos, John’s mother and Peter’s wife. John Angelos has been running the club in the absence of his father, who is 94 and has been incapacitated due to illness since 2018.

A spokesperson for John Angelos declined comment.

Other major-league teams in recent years sold for less than the Orioles. The Miami Marlins went for $1.2 billion in 2017, the Kansas City Royals for $1 billion in 2019. The Cleveland Guardians, under the same type of path-to-control arrangement the Orioles are using, were valued at $1 billion in 2022.

While Miami and Cleveland are bigger media markets than Baltimore, the Orioles are seen as a franchise with greater potential because of the current quality of the team and the passion of their fan base.


Georgia and Peter Angelos at an event in 1996. (Andre Chung/Baltimore Sun/Tribune News Service via Getty Images)

Peter Angelos bought the Orioles in 1993 for $173 million. Forbes estimated the Orioles last March to be worth $1.713 billion. That valuation, however, did not include the Mid-Atlantic Sports Network (MASN), in which the team is the majority shareholder in a dual ownership with the Washington Nationals.

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MASN is included in the Rubenstein group’s purchase, and some in the industry expect the group to sell the network to Ted Leonsis, the owner of NHL, NBA and WNBA franchises in Washington and a different regional sports network, Monumental, that broadcasts all three teams. Like all regional sports networks in this era of cord-cutting, MASN is not as valuable as it once was. But Leonsis at least might want to purchase the Orioles’ TV rights to enhance his programming on Monumental in the spring, summer and fall.

In late 2022, Leonsis bid for the Nationals with similar intentions, providing perhaps the most relevant data point when asssessing the valuation of the Orioles. Leonsis offered $2.2 billion for the Nationals, according to a source briefed on the discussions. The Lerner family, owners of the Nationals, did not move on the proposal, apparently believing the team was worth more.

Washington is a larger market than Baltimore, but the Nationals became a lesser partner in MASN as a condition of relocating from Montreal to Washington in 2005. So, why would John Angelos, the Orioles’ chairman and CEO in the absence of his father, not hold out for a price similar to the one Leonsis proposed for the Nationals?

The deal between the Orioles and the Rubenstein group seemingly came together quickly, catching Maryland state officials and another group interested in the club by surprise.

A little more than six weeks ago, the Orioles reached agreement with the state on a new long-term lease to remain at Camden Yards. The deal included $600 million in public funds for ballpark upgrades and potential development rights around the ballpark.

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“If John (Angelos) can hear me now, it’s deeply disappointing and troubling that you could look your state in the eye and outright lie to us about your intentions.’ Maryland state treasurer Dereck Davis told The (Baltimore) Sun. “We had a right to know, given the amount of investment we were committing to this.”

People in the game, however, cited a combination of factors that might have increased Angelos’ urgency to sell and persuaded him to move forward with the deal sooner rather than later:

The final terms of the Orioles’ new lease

Angelos, in his negotiations with the state, sought to develop an area around Camden Yards and make it similar to The Battery Atlanta complex adjoining the Braves’ Truist Park, which opened in 2017.

He did not gain those rights.

All the Orioles received was an option to end the 30-year lease after 15 years if they did not reach a deal with the state on a development plan that perhaps was not even viable. The necessary land for such a project around Camden Yards does not exist. The ballpark sits in the middle of Baltimore, while Truist was built in a suburb 10 miles outside of Atlanta.

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Angelos fought hard for the development rights, evidently believing they were worth hundreds of millions of dollars. When he failed to secure them, he was left without, at least in his view, a potentially lucrative revenue source and vehicle to boost the value of the franchise.

Cash-flow issues

The bill for the Orioles in their years-long dispute with the Nationals over television rights fees is coming due.

In June, Orioles-controlled MASN agreed to pay the Nationals about $100 million in unpaid rights fees for the period between 2012 to ’16. In November, a league-appointed committee ruled MASN owed the Orioles and Nationals about $300 million each for the period between 2017 and ’21.  The rights fees for 2022 to ’26 have not been determined.

MASN held about $105 million in escrow preparing for the possibility of the first payment. It is not known how the network – and by extension, Angelos – planned to come up with the money for the 2017 to ’21 period.

What is known is that the Angelos family is seeking to become more liquid by selling off a variety of land assets, including One Charles Center, a 22-story office tower in downtown Baltimore.

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Family considerations

The influence of Georgia Angelos, Peter’s wife and John’s mother, was no small factor in the family’s decision to sell, according to two sources briefed on the discussions.

Georgia’s exact motivations are unclear, but she and John were sued by her other son, Louis Angelos, over control of the team in 2022. According to the suit, Georgia determined it was in the family’s best interest to sell the team, but John misled her into believing he was working to accomplish that goal when ultimately he wanted to thwart it.

According to court documents from the suit, attorneys for Georgia wrote that her husband did not intend for the family to own the team forever, saying, “Although Peter felt that the Orioles should be sold on his death so Georgia could enjoy the great wealth they had amassed together, he felt that decision was ultimately Georgia’s to make.”

By identifying a buyer before Peter’s death, the family achieves resolution. The two-step sale – 40 percent now, 60 percent later – enables the family to receive an infusion of cash while avoiding a full capital gains tax it would incur if it sold the entire club before Peter’s death.

In a statement on Wednesday, John Angelos said, “When I took on the role of Chair and CEO of the Orioles, we had the objective of restoring the franchise to elite status in major league sports, keeping the team in Baltimore for years to come and revitalizing our partnership group. The relationship with David Rubenstein and his partners validates that we have not only met but exceeded our goals.”

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The deal might work for Angelos. The question is whether it will create a downward ripple effect on the valuations of other teams going forward.

(Top photo (l-r) of Louis Angelos, Orioles executive VP Mike Elias, John Angelos in 2018: AP Photo/Patrick Semansky)

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Ryan Ward has a solid debut, but bullpen blows it again as Dodgers lose to Rockies

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Ryan Ward has a solid debut, but bullpen blows it again as Dodgers lose to Rockies

What do you know? The once-stampeding Dodgers have been caged by the Colorado Rockies.

With a 9-6 loss Sunday at Coors Field, the two-time defending World Series champions lost back-to-back games for the first time this season. The Dodgers again couldn’t hold a lead, letting the Rockies tee off for 15 hits.

Nor could the Dodgers keep up offensively at the hitter-friendly park — though they put some pressure on in the ninth inning, when Shohei Ohtani led off with a ground-rule double and the Dodgers scored twice to cut the lead to three runs. Then the new guy, Ryan Ward, made the final out in his big league debut, robbed of a hit and a chance to keep chipping away by a diving Troy Johnston in right field.

Before that, the Rockies — who beat the Dodgers twice in 13 meetings all of last season — chased starter Roki Sasaki from the game in the fifth inning and then ruffled the Dodgers’ relievers. That included closer Edwin Díaz, who came on in the eighth and promptly gave up three singles, a walk and two runs before being pulled with the Dodgers trailing 8-4.

Dodgers starting pitcher Roki Sasaki gave up three runs on seven hits in 4-2/3 innings Sunday against the Rockies in Denver.

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(David Zalubowski / Associated Press)

He and Blake Treinen combined to face eight batters without getting an out.

“They both weren’t sharp,” said manager Dave Roberts, who had theories but not many answers — though he did have real concern, especially about Díaz, who recently had his right knee checked out by the medical staff.

Roberts said the closer wanted to pitch after nine days off, even though it wasn’t a save situation. But his velocity was slightly down (95.4 mph vs. 95.8) and so, “today was a tough evaluation,” the manager said.

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“It really was,” Roberts said. “Because, you know, I know what it’s supposed to look like, and when it doesn’t look like that, it gets a little concerning, really.”

And losing for the second time to the Rockies, who are now 9-13? Being in danger of losing their four-game series, after arriving in Denver without having lost to a National League opponent, against a club that hasn’t made the postseason since 2018?

It’s well below the bar the Dodgers have set, and it added a bitter note to Ward’s otherwise sweet debut.

Ward punched a big league clock for the first time wearing No. 67 and cranked his first hit off Rockies starter Michael Lorenzen in the fourth inning, lining a changeup to right field for a single that scored Andy Pages, made it 3-0 and got the 20-some members of Ward’s party up, jumping in place, hugging and high-fiving.

“When I was on first base, I got to see them all jumping around up there,” Ward said. “That was a pretty special moment.”

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He also singled in the sixth and swung on the first pitch in his first at-bat, a fly out in the third inning.

The Dodgers gave Sasaki a 2-0 lead in the third. Alex Freeland drove in Hyeseong Kim, and Shohei Ohtani doubled in Freeland — and extended his career-best on-base streak to 51 games, moving past Willie Keeler into third place in Dodgers history.

Sasaki went 4-2/3 innings, threw 78 pitches and gave up three runs on seven hits, striking out two and walking two. His ERA after his fourth start: 6.11, worst in the six-man rotation.

The Dodgers fell behind 6-5 in the seventh when Treinen — who was cleared Friday after he was struck in the head by a batted ball during batting practice — gave up four consecutive hits, including a two-run home run by Mickey Moniak.

The result likely will be a minor detail when Ward tells the story years from now about getting the call after first baseman Freddie Freeman was placed on the paternity list.

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The Dodgers’ No. 19 prospect and reigning Pacific Coast League MVP spent the last seven years in the minors. Last season, he hit 36 home runs and drove in 122 runs with a .937 on-base-plus-slugging percentage for triple-A Oklahoma City, and he has a 1.020 OPS and four homers this year.

Ward made it a point to improve his chase rate, draw more walks and get on base more frequently, everything the Dodgers asked of him. He also passed the broadest patience test.

“The plate discipline, being a better hitter … he’s done all that,” Roberts said. “He’s improved his defense. But honestly, for me, just not to let his lack of opportunity in the big leagues deter him. That’s easy when you get frustrated and let it affect performance, and he hasn’t done that.”

If anything, Ward said, the waiting made him better.

“I used it to keep going. ‘OK, if I’m not there yet, what do I have to do to get there?’” he said. “‘What part of my game do I need to work on to keep getting better?’

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“I used it as fire to keep working.”

That will be the Dodgers’ assignment too.

In the finale of the four-game series Monday, the Dodgers are expected to start left-hander Justin Wrobleski (2-0, 2.12) against Colorado left-hander Jose Quintana (0-1, 5.63).

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ESPN’s Stephen A Smith hears boos from WrestleMania 42 crowd

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ESPN’s Stephen A Smith hears boos from WrestleMania 42 crowd

NEWYou can now listen to Fox News articles!

Danhausen’s curse may be real after all – just ask Stephen A. Smith and the New York Mets.

While the latter dropped their 10th game in a row, Smith got his share of the curse on Saturday night during Night 1 of WrestleMania 42. Smith was in attendance for WWE’s premier event of the year and heard massive boos from the crowd.

Stephen A. Smith attends WrestleMania 42: Night 1 at Allegiant Stadium in Las Vegas, Nevada, on April 18, 2026. (Andrew Timms/WWE)

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Smith was sitting ringside to watch the action. The ESPN star appeared on the videoboard above the ring at Allegiant Stadium in Las Vegas. He appeared to embrace the reaction and smiled through it.

The boos came after Danhausen appeared on “First Take” on Friday – much to the chagrin of the sports pundit. Smith appeared perplexed by Danhausen’s appearance. Smith said he heard about Danhausen and called him a “bad luck charm.”

Danhausen said Smith had been “rude” to him and put the dreaded “curse” on the commentator.

WWE STAR DANHAUSEN SAYS METS ‘CURSE’ ISN’T EXACTLY LIFTED AS TEAM DROPS NINTH STRAIGHT GAME

Stephen A. Smith attends WrestleMania 42: Night 1 at Allegiant Stadium in Las Vegas, Nevada, on April 18, 2026. (Andrew Timms/WWE)

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Smith is far from the only one dealing with the effects of the “curse.”

Danhausen agreed to “un-curse” the Mets during their losing streak. However, he told Fox News Digital earlier this week that there was a reason why the curse’s removal didn’t take full effect.

“I did un-curse the Mets. But it didn’t work because, I believe it was Brian Gewirtz who did not pay Danhausen. He did not send me my money so it did not take full effect,” Danhausen said. “Once I have the money, perhaps it will actually work because right now it’s probably about a half of an un-cursing. It’s like a layaway situation.”

Danhausen enters the arena before his match against Kit Wilson during SmackDown at SAP Center in San Jose, Calif., on April 10, 2026. (Eakin Howard/Getty Images)

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On “Friday Night SmackDown,” WWE stars like The Miz and Kit Wilson were also targets of Danhausen’s curse.

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After 55 years as a broadcaster in L.A., Randy Rosenbloom is leaving town

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After 55 years as a broadcaster in L.A., Randy Rosenbloom is leaving town

It’s time to reveal memories, laughs and crazy times from Randy Rosenbloom’s 55 years as a TV/radio broadcaster in Los Angeles. He’s hopping in a car next Sunday with his wife, saying goodbye to a North Hollywood house that’s been in his family since 1952 and driving 3,300 miles to his new home in Greenville, S.C.

“When I walk out, I’ll probably break down,” he said.

He graduated from North Hollywood High in 1969. He got his first paid job in 1971 calling Hart basketball games for NBC Cable Newhall for $10 a game. It began an adventure of a lifetime.

“I never knew if I overachieved or underachieved. I just did what I loved,” he said.

Randy Rosenbloom (left) used to work with former UCLA coach John Wooden for TV games.

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(Randy Rosenbloom)

John Wooden, Jerry Tarkanian and Jim Harrick were among his expert commentators when he did play by play for college basketball games. He called volleyball at the 1992 and 1996 Olympic Games for NBC and rowing in 2004. He’s worked more than 100 championship high school events. He did play by play for the first and only Reebok Bowl at Angel Stadium in 1994 won by Bishop Amat over Sylmar, 35-14.

“There were about 5,000, 6,000 people there and I remember thinking nobody watched the game. We ended up with a 5.7 TV rating on Channel 13 in Los Angeles, which is higher than most Lakers games.”

He conducted interviews with NFL Hall of Famers Gale Sayers and Johnny Unitas and boxing greats Robert Duran, Thomas Hearn and Sugar Ray Leonard. He’s worked with baseball greats Steve Garvey and Doug DeCinces. He called games with former USC coach Rod Dedeaux. He was in the radio booth for Bret Saberhagen’s 1982 no-hitter in the City Section championship game at Dodger Stadium. He was a nightly sportscaster for KADY in Ventura.

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Randy Rosenbloom, left, with his volleyball broadcast partners, Kirk Kilgour and Bill Walton.

Randy Rosenbloom, left, with his volleyball broadcast partners, Kirk Kilgour and Bill Walton.

(Randy Rosenbloom)

He was the voice of Fresno State football and basketball. He also did Nevada Las Vegas football and basketball games. He called bowl games and Little League games. He was a public address announcer for basketball at the 1984 Olympic Games with Michael Jordan the star and did the P.A. for Toluca Little League.

Nothing was too small or too big for him.

“I loved everything,” he said.

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He called at least 10 East L.A. Classic football games between Garfield and Roosevelt. He was there when Narbonne and San Pedro tied 21-21 in the 2008 City championship game at the Coliseum on a San Pedro touchdown with one second left.

Probably his most notable tale came when he was doing radio play-by-play at a 1998 college bowl game in Montgomery, Ala.

“I look down and a giant tarantula is crawling up my pants,” he said. “My color man took all the press notes, wadded them up and hit the tarantula like swinging a bat.”

Did Rosenbloom tell the audience what was happening?

“I stayed calm,” he said.

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Then there was the time he was in the press box at Sam Boyd Stadium and a bat flew in and attached itself to the wooden press box right next to him before flying away after he said, “UNLV wins.”

Recently, he’s been putting together high school TV packages for LA36 and calling travel ball basketball games. He’ll still keep doing a radio gambling show from his new home, but he’s cutting ties to Los Angeles to move closer to grandchildren.

“I’m retiring from Los Angeles. I’m leaving the market,” he said.

Hopefully he’ll continue via Zoom to do a weekly podcast with me for The Times.

He’s a true professional who’s versatility and work ethic made him a reliable hire from the age of 18 through his current age of 74.

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He’s a member of the City Section Hall of Fame and the Southern California Jewish Sports Hall of Fame. He once threw the shot put 51 feet, 7 1/2 inches, which is his claim to fame at North Hollywood High.

One time an ESPN graphic before a show spelled his name “Rosenbloom” then changed it to “Rosenblum” for postgame. It was worth a good laugh.

He always adjusts, improvises and ad-libs. He expects to enjoy his time in South Carolina, but he better watch out for tarantulas. They seem to like him.

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