Now that a lease has been signed, the Orioles and the Maryland Stadium Authority can tap into up to $600 million of taxpayer-financed bonds for upgrades.
The real negotiations are just warming up. The critical piece John Angelos has fought for — the right to develop adjacent public lots and potentially mint money — will play out over the next four years.
The lease keeps the Orioles in Baltimore for at least another 15 years, if not for decades. What comes next, though — beyond the relief of more games being played at Camden Yards — is still an open question.
The team will remain at Oriole Park at Camden Yards for at least 15 years — and potentially decades, if all goes to plan, according to state and team officials.
The 30-year lease has options to extend but could also be shortened to 15 years if an agreement on developing land around the stadium is not reached by the end of 2027.
The Revenue Sharing Definitions Committee of Major League Baseball met at the offices of Williams & Connolly LLP in Washington, D.C., from July 25-26 to hear the dispute between the teams.
“We’ve been working all throughout the weekend and in the week with all of the partners, and we feel very confident that a deal is imminent,” Moore, a Democrat, told reporters.
The Baltimore Ravens will get started next year on spending hundreds of millions of state funds on renovations to M&T Bank Stadium. The Orioles remain years away.
The Orioles of a previous vintage used deferrals to keep the mid-2010s competitive window open. Chris Davis’ contract is, obviously, is the most extreme example.
It’s possible that the two sides could come to a new agreement by the end of the year encompassing both the priorities of Gov. Wes Moore and Orioles CEO and chairman John Angelos, while also addressing concerns that scuttled the deal last week.
Orioles fans were titillated by the report that billionaire David Rubenstein is "in talks" to acquire the team — a surprising sentiment coming off a 101-win season. How did we get here?