Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: TUESDAY, August 3, 1993 TAG: 9308030108
SECTION: SPORTS PAGE: B1 EDITION: METRO
SOURCE: Associated Press
DATELINE: NEW YORK LENGTH: Medium
The victory of the group ensured that the baseball team would remain in their new stadium in downtown Baltimore.
The winning bid set a record price for a baseball team, surpassing the $106 million paid last year for the Seattle Mariners.
The Angelos and DeWitt groups, which had offered separately to purchase the team, bid together at the hearing and topped an offer by Jeffrey Loria, a New York art dealer who also owns the Oklahoma City 89ers, a Triple A farm team of the Texas Rangers.
The Angelos group includes movie director Barry Levinson, author Tom Clancy, broadcaster Jim McKay and tennis player Pam Shriver. DeWitt is a part-owner of the Texas Rangers, and the other members of his group, called the H.G. Group, include two other part owners of the Texas Rangers.
If the sale is approved, DeWitt and the other part-owners of the Rangers would have to sell their shares of the Texas club.
The Orioles went up for sale when majority owner Eli Jacobs, a venture capitalist, was forced to file for bankruptcy court protection after defaulting on more than $44 million in loans and personal guarantees to banks earlier this year.
When the winning bid was acknowledged by U.S. Bankruptcy Judge Cornelius Blackshear, spectators in the packed and sweltering courtroom erupted in applause. "In a stairwell news conference after the hearing, Angelos said, "What happened here today is bringing this baseball club back to Baltimore."
The Milwaukee Brewers' predecessors, the Seattle Pilots, were the last major league baseball team to be sold in bankruptcy court, following the 1969 season. They were bought by a group headed by Bud Selig, now chairman of the ruling executive council, and moved to Milwaukee, where they became the Brewers.
Angelos said he was "prepared to pay a premium" for the team, which has been selling out most home games in its new stadium, Camden Yards.
However, he said, "I didn't think it would go this high."
The sale must be approved by 10 of 14 American League clubs and 8 of 14 National League clubs. If that approval isn't given, further litigation is possible.
As expected, the bidding opened at $146.25 million.
by CNB