Newspaper article St Louis Post-Dispatch (MO)

Groups Merge, Bid $173 Million for Orioles

Newspaper article St Louis Post-Dispatch (MO)

Groups Merge, Bid $173 Million for Orioles

Article excerpt

An investor team led by Baltimore lawyer Peter G. Angelos and Cincinnati businessman William DeWitt submitted a winning bid of $173 million for the Baltimore Orioles at a bankruptcy court auction Monday.

The victory of the group ensures that the baseball team will remain in its new stadium in downtown Baltimore.

The price set a record 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. They topped an offer by Jeffrey H. Loria, a New York art dealer who also owns the Oklahoma City 89ers, a Class AAA 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 his group, called the H.G. Group, includes 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. …

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