Report: Goldman Sachs Hired to Assess Orioles Sale amid Angelos Family Lawsuits

Adam WellsSeptember 23, 2022

387419 04: Baltimore Orioles owner Peter Angelos at the historic game between the Cuban National baseball team and the Baltimore Orioles at LatinoAmericana Stadium in Havana, Cuba March 28, 1999. The game was the first appearance by a United States baseball team in Cuba in 40 years. (Photo by Mario Tama
Mario Tama

Amid ongoing lawsuits between the Angelos family, the Baltimore Orioles hired Goldman Sachs to assess the franchise for a potential sale.

Per The Athletic's Daniel Kaplan, the team "quietly" made the hire because of the "ongoing bitter lawsuits between members of the Angelos family."

Kaplan noted the future of the Orioles ownership is "up in the air" with Peter Angelos currently ailing at 93 years old.

Tim Prudente and Justin Fenton of the Baltimore Banner reported in June that Louis Angelos is suing his brother, John, and mother, Georgia.

In the lawsuit, Louis claimed his father intended for the two brothers to control the Orioles together, but John manipulated his mother and restructured Peter's trust to gain full power and potentially move the franchise to Tennessee.

"John intends to maintain absolute control over the Orioles—to manage, to sell or, if he chooses, to move to Tennessee (where he has a home and where his wife’s career is headquartered)—without having to answer to anyone," the lawsuit states.

John issued a statement on June 13 denying that relocation was a possibility, saying the Orioles will "never leave" Baltimore.

In a separate statement released two days later, Georgia said John "has my full faith as well as the trust and confidence of Major League Baseball, commissioner Rob Manfred, MLB’s executive leadership group and the control persons of the 29 other MLB clubs who voted to approve John as the Orioles control person."

Last month, Steve Lash of the Daily Record reported Georgia filed a lawsuit in Baltimore County Circuit Court accusing Louis of "bitterness or his misplaced resentment" of his older brother.

Georgia's lawsuit seeks to confirm her as sole power of attorney for Peter and to have Louis removed "as a successor agent and hold him liable for breach of fiduciary duty, financial exploitation of Peter, an older and susceptible adult, and conversion."

According to Kaplan, there's no certainty that the Orioles will be put up for sale, but John and Georgia are "definitely evaluating options."

A status conference hearing is scheduled for Sept. 28.

Peter Angelos and a group of investors purchased the Orioles from Eli Jacobs for $173 million in 1993. He established a trust with his wife and two sons in 2017 after suffering a heart issue.

John is listed as chairman and CEO of the franchise on the Orioles' official website.