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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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Giants valued at $10.8B as Tisch family seeks equity transfer with Epstein investigation looming: report

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Giants valued at .8B as Tisch family seeks equity transfer with Epstein investigation looming: report

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As New York Giants co-owner Steve Tisch and his siblings look to transfer an equity stake to a children’s trust, the overall value of the franchise has been revealed.

An NFL memo obtained by ESPN earlier this month found the Tisch family — Steve, Jonathan and Laurie — are seeking a transfer of their collective equity stake in the franchise to their children. The proposed stake was 23.1% of the team. 

The proposed transfer of equity values the team at $10.8 billion, according to Sports Business Journal, which would put a 23.1% stake at roughly $2.5 billion. 

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New York Giants co-owner Steve Tisch arrives for NFL owners meetings in New York City, New York on Oct. 21, 2025.   (Seth Wenig/AP Photo)

For comparison, Miami Dolphins owner Stephen Ross sold 1% of his team to billionaire entrepreneur Lin Bin with the valuation at a record $12.5 billion. 

Julia Koch, a board member with Koch Industries, also bought a 10% stake in the Giants with a valuation at $10.3 billion in October 2025. 

GIANTS CO-OWNER STEVE TISCH, SIBLINGS LOOK TO TRANSFER EQUITY STAKE TO CHILDREN’S TRUSTS, NFL MEMO SHOWS

It’s also worth noting that the NFL memo stated, “Following the transactions, the Sellers will no longer own any interest in the Club.” 

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It is unknown if the transfer requests have anything to do with Steve Tisch’s name appearing in the Epstein files released by the U.S. Justice Department in January. His name appeared more than 400 times in the files, and while he said at the time he knew of Epstein, he denied visiting Epstein’s infamous island. 

Steve Tisch executive vice president of the New York Giants looks on before pre-season football game against the Carolina Panthers at MetLife Stadium on Aug. 18, 2023 in East Rutherford, New Jersey.  (Rich Schultz/Getty Images)

“We had a brief association where we exchanged emails about adult women, and in addition, we discussed movies, philanthropy and investments,” Steve Tisch said in a statement on Jan. 31. “I did not take him up on any of his invitations and never went to his island. As we all know now, he was a terrible person and someone I deeply regret associating with.”

The U.S. Justice Department released more than 3 million documents related to the Epstein investigation, which included email exchanges from April 2013 and June 2013 between Tisch and Epstein. Some of those exchanges appear to show conversations about women. 

NFL commissioner Roger Goodell said in February the league would look into Steve Tisch’s association with Epstein. 

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“Absolutely we will look at all the facts,” Goodell said at a news conference in San Jose, California, during Super Bowl week. “We’ll look at the context of those and try to understand that. We’ll look at how that falls under the (league personal conduct) policy. I think we’ll take one step at a time. Let’s get the facts first.”

New York Giants co-owner Steve Tisch during warms up prior to the National Football League game between the Washington Redskins and the New York Giants on Oct. 28, 2018 at Met Life Stadium in East Rutherford, New Jersey.  (Rich Graessle/Icon Sportswire via Getty Images)

The Tisch family has been involved in Giants ownership since 1991 alongside the Mara family, which founded the franchise in 1925. 

Fox News’ Chantz Martin and the Associated Press contributed to this report.

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Ohtani. Yamamoto. Sasaki. A 12-story ‘cultural bridge’ between L.A. and Japan to debut in Torrance

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Ohtani. Yamamoto. Sasaki. A 12-story ‘cultural bridge’ between L.A. and Japan to debut in Torrance

Robert Vargas is in a bit of a time crunch.

The Los Angeles-based artist has embarked on one of his most ambitious murals. Titled “Samurai of the Diamond,” it features the Dodgers’ trio of Japanese stars — two-way player Shohei Ohtani and pitchers Roki Sasaki and Yoshinobu Yamamoto — in larger-than-life fashion on a 12-story wall of the DoubleTree Hotel in Torrance.

Artist Robert Vargas takes a break from painting Saturday to show his progress on his newest mural.

(Genaro Molina / Los Angeles Times)

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As of early Saturday afternoon, Vargas still had a lot of painting to do in order to have the mural finished by the official unveiling at 10 a.m. Tuesday. Anyone familiar with Vargas and how he works, however, knows he will get it done.

“It may be finished at 9:59, but at 10 o’clock we will unveil this,” Vargas said

Koreatown resident Diego Guerrero is one of those who knows Vargas’ style. After witnessing the artist working on his massive Fernando Valenzuela mural in Boyle Heights during the fall of 2024, Guerrero said he had “full faith” Vargas would meet his deadline this time around.

“I know he’s got this,” Guerrero said while visiting the DoubleTree site Saturday. “Last time he was doing this, it was raining and even that time he pulled it off. So I have no doubt he’ll finish it.”

Vargas said the new piece was conceived as a follow-up to the massive mural of Ohtani he painted on the side of the Miyako Hotel in Little Tokyo soon after the former Angels pitcher signed with the Dodgers prior to the 2024 season. In two seasons with L.A., Ohtani has won two National League MVP awards and helped the Dodgers win two World Series championships.

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The Dodgers signed Yamamoto during the same offseason and Sasaki a year later. Both pitchers played key roles in the team’s 2025 postseason run. Yamamoto went 7-1 with two complete games and pitched for the final out in Game 7 of the World Series against the Toronto Blue Jays. Sasaki moved to the bullpen for the playoffs and recorded three saves and two holds.

“If [the Ohtani] mural was about ushering in a new era and a new face here in Los Angeles, this mural is about building a cultural bridge from Los Angeles to Japan and really emphasizing the greatness that these foreign-born Japanese players are contributing not only to the team, but to this community’s identity,” Vargas said. “And also inspiring to kids who can look up and see heroes that look like them from this community.”

A man standing on a riser and painting a huge Shohei Ohtani face on a textured wall

Robert Vargas paints an image of Shohei Ohtani as part of the local artist’s ‘Samurai of the Diamond’ mural Saturday at the DoubleTree Hotel in Torrance.

(Genaro Molina / Los Angeles Times)

Known for its large Japanese American population and concentration of Japanese businesses, Torrance signed friendship city agreements with Bizen (Yamamoto’s hometown) in August 2024 and Oshu (Ohtani’s hometown) in October 2024.

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Vargas, who has a home in Japan because of the frequent mural work he does there, came up with the idea of a Torrance mural honoring the Dodgers’ Japanese stars around that time.

“I feel that they are examples of how to do things right on and off the field,” Vargas said of the three players. “Their work ethic is really reflected in the culture. That’s why Ohtani is so respected out there on the field, not just for what he’s doing with the bat or with the baseball but just how he conducts himself. It’s refreshing.”

His idea received support from local leaders, such as Mayor George Chen and city council member Jon Kaji.

“Ever since the Dodgers signed Shohei Ohtani in December, 2023, the community has rallied around Ohtani, Yoshinobu Yamamoto and Roki Sasaki giving us all a sense of pride,” Kaji said in an email to The Times. “…’Samurai of the Diamond’ exemplifies the unifying power of sports that transcends borders and nationalities.”

Chen wrote in a separate email: “There are many Dodgers fans in the City of Torrance and the greatness of these 3 players have been great role models to young and old. They are performing at the highest levels in MLB, yet they have shown us that even great athletes and celebrities can maintain a certain level of maturity, respectful to others, picking up trash, not retaliating when attacked, and always showing great sportsmanship.”

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The wall will include an interactive feature: When visitors scan a QR code, they will see each player come to life and throw a strike, with animation provided by the AR Firm. Also, lights are being installed in the parking lot to illuminate the mural at night.

“It’s going to be a destination,” Vargas said.

DoubleTree general manager Linda Amato, who is also the executive chairperson of the Discover Torrance visitors bureau, said the hotel plans to create “opportunities for guests to gather outdoors, enjoying [Dodgers] games under the stars alongside the interactive mural.”

“The response from the community has been incredible,” Amato said in an email. “There’s a real sense of excitement — people are stopping by daily to watch the progress and engage with the project. It’s brought a new energy to the city. Robert Vargas has been amazing throughout the process, often speaking with visitors about his vision and techniques, which adds to the overall experience.”

A man looking to the side while wearing a straw sun hat and holding a paint brush in his mouth

Vargas hand-picked the DoubleTree Hotel in Torrance as the location for his latest mural, despite the wall’s deep ridges, which make it difficult to paint.

(Genaro Molina / Los Angeles Times)

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Vargas hand-picked the DoubleTree as the site, even though he said the hotel’s exterior “presents the most difficult surface challenge” he has faced. The wall is lined with thick, vertical grooves, described by Vargas as “almost like a lattice surface because the corrugation is so deep.”

Because of that, Vargas — who always works freehand and does not use spray paints — has to carefully paint each section with a brush, as even a roller will not work on that surface. He calls the process “very exciting.”

Actor Edward James Olmos, who was visiting Vargas at the site Thursday morning, thinks his longtime friend is nuts.

“That’s the worst f— texture I’ve seen in my life,” the 79-year-old “Stand and Deliver” actor said of the wall’s surface. “Not one artist I’ve ever known would even want to try to do this. He chose it. I told him he’s off his a—. Have you ever seen that texture before? Never.”

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Vargas he said he’s not thinking about that or any other challenges when he’s several stories in the air working on a project he knows will mean a lot to many people.

“When I’m up there and I think about the community that’s down here and how excited they are to see an image like this — not only because of what the content is, but that it’s happening here in Torrance and not just in Little Tokyo — they feel very, very proud,” Vargas said. “So the wind conditions, the heat conditions, the scaling, all of that becomes secondary when you think about why you’re creating it.”

On Saturday afternoon, East Los Angeles resident Edgar Reyes came out to see the super-sized artwork being created in real time.

“It’s just amazing to be able to witness it and see how people are coming together,” said Reyes, who described himself as a “big Robert Vargas fan.” “I think for Torrance this is a good thing because you see a lot of murals in the east side of L.A. because there’s a lot of graffiti artists and all that, compared to over here. So it’s something really huge for Torrance, I believe.”

Koreatown resident Diego Guerrero, who also visited the site on Saturday, said it is “mesmerizing” to watch Vargas work and called the mural “mind-blowing.”

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“It’s so huge,” Guerrero said. “You could see it from miles away. And it’s like, hey, I know them — they’re part of the Dodgers. But not just that. They’re part of the minority. They’re Japanese players, we’re Hispanics, but we’re the same. We want to feel like we’re represented and we’re here. The world will see us, you know?”

A man wearing shades, a hat and a paint-covered jacket stands in front of a massive mural featuring three Dodgers players.

Robert Vargas plans to finish his ‘Samurai of the Diamond’ mural in time for its official unveiling Tuesday at 10 a.m.

(Genaro Molina / Los Angeles Times)

Around midday Saturday, Vargas faced another delay when high winds caused him to temporarily come down from the wall. He had already made arrangements to be able to work through the night on Saturday and said he was prepared to work nonstop, if necessary, to be finished in time for the unveiling two days before the Dodgers’ season opener Thursday against the Arizona Diamondbacks.

“I’m going to get it done,” he said.

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“My time frames are pretty ambitious, but I also know what I’m capable of when it comes to my speed,” Vargas added. “And also I think that my process is really charged by my intention of why I’m creating these pieces, and that is what fuels me to completion.”

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World Cup teams finalize US base camps as host cities prepare for global crowds

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World Cup teams finalize US base camps as host cities prepare for global crowds

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With the 2026 FIFA World Cup just three months away, cities across the United States are racing to finalize training facilities that national teams will call home during the global tournament.

Among them is Kansas City, which will serve as the base camp for defending champion Argentina national football team, a major win for the region as it prepares to welcome both players and tens of thousands of international fans.

Base camps are critical to World Cup operations. They serve as home headquarters where teams live, train and recover while traveling between match sites throughout the competition.

WORLD CUP 2026: WHAT ARE THE HOST COUNTRIES, CITIES, STADIUMS?

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World Cup 2026 signage is displayed in Kansas City, one of the tournament’s host cities. (Olivianna Calmes)

“From private practice fields to player recovery rooms, these facilities are designed to support some of the biggest names in soccer,” said Alan Dietrich, who has worked closely with organizers.

Local leaders have spent more than a year pitching their cities to international teams, hoping to showcase not just athletic facilities but the broader community.

“We started actually over a year ago with countries beginning to visit,” Dietrich said.

WORLD CUP DEMAND SPARKS LODGING SCRAMBLE IN KANSAS CITY

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Tourism officials say the opportunity extends far beyond the sport itself. Hosting a base camp allows cities to introduce themselves to global audiences and build long-term international relationships.

To show support for Kansas City’s bid for the men’s 2026 FIFA World Cup, the KC2026 Bid Committee and Outfront media installed a 90×90-foot banner on Main Street in Kansas City, Missouri. (Jill Toyoshiba/The Kansas City Star/Tribune News Service via Getty Images)

“We knew that the World Cup was going to be kind of our first chance and probably our biggest chance to be engaging these international markets,” said Devin Aaron with Visit KC.

A locker room shows the “We are FIFA 2026 Kansas City” sign in Sporting KC training facility (Olivianna Calmes)

Early expectations had Argentina basing in Miami, but Kansas City ultimately stood out during the selection process.

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“When Argentina visited, they really loved it here,” Dietrich said. “They loved our facilities, they loved our people.”

The team will train at Sporting Kansas City’s Compass Minerals National Performance Center, a state-of-the-art facility in Kansas City, Kansas that will serve as Argentina’s training home base during the tournament.

THE 2026 FIFA WORLD CUP LESS THAN 100 DAYS OUT! HERE’S WHAT TO KNOW

The complex features multiple professional grade fields and elite level training amenities designed for international competition.

Inside, players will have access to private dining areas, meeting rooms and dedicated recovery spaces designed to help them rest between matches.

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A resting room for World Cup players (Olivianna Calmes)

“If they’ve traveled a lot and they’re tired, they can come in here, turn the lights out and get a nice nap,” Dietrich added.

Up to 100,000 Argentine fans are expected to travel to Kansas City during the tournament, a preview of the global crowds set to flood World Cup host cities across the U.S.

Across the U.S., cities selected as host sites and base camps are preparing for similar surges, as teams finalize training locations and fans follow their national squads.

Cities across the US which are hosting World Cup games (Fox News)

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The 2026 World Cup will be the largest in history, expanding from 32 to 48 teams and spanning host cities across the United States, Canada and Mexico, with each location competing for global visibility and long-term economic impact.

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