A shocking report shows that Angelos and the organization signed just a “memorandum of understanding” and not a new 30-year lease as stated on the jumbotron just last week.
A damning new report that came out on October 2, 2023, shows that the Angelos family, Governor Wes Moore, and the Maryland State Authority (Craig Thompson) did not agree to a brand-new lease, in fact, it was a just a memorandum of understanding between the parties involved. While it was announced at a game that a new lease was agreed upon, Angelos conned the fans, and he’s laughing it all the way to the bank knowing now he has the clout to make Governor Wes Moore to give him what he wants.
The old lease is still in effect. There’s still 3 months to go on it. Way to go. Way to lie to fans.
What happened? The agreement in place now gives more power to Angelos to demand more money from the state or he can just ultimately break the lease due to it not being a binding agreement. Governor Moore defends the deal but fans, if they find out, they’re going to be the ones footing the bill in the end.
Governor Wes Moore did fans a disservice by lying and saying he succeeded in getting a new lease together. No, you didn’t, sir. You lied to your constituents and the people who voted you trust to run the state. You did not do anything good here. You made things WORSE. This is why trust in politicians around the state and our country is at all-time lows. Lying to your own people saying that something got done so you can pander for votes is absolutely a disgrace, Mr. Moore. Don’t act like you did something because you didn’t. I’ve been a fan of the Orioles through thick and thin and trust me, I’ve had just about enough of sports and politics mixing like oil and water. Owners whine to get their way and the politicians make the taxpayer pay for it.
Why do politicians do this? Easy, to win votes, and to act as though they are all about the working man and woman’s pocket. Truth is: They don’t care about your money, just how much they can take until they bleed you dry.
Some of the deal’s details:
- The lease extension, once it exists, will run for 30 years until 2054, with the option for two five-year extensions.
- “A 99-year development rights agreement for the areas surrounding the ballpark, including the Warehouse and Camden Station, to energize and revitalize the Camden Yards complex.” The Orioles will pay $94 million in rent for this, over 99 years.
- Shifting operations and management costs (currently about $6.5 million) from the state to the Orioles, though the state will make up part of this by paying the Orioles $3.3 million a year toward a “safety and repair fund.”
- Though not mentioned in the press release, Orioles owners the Angelos family will presumably now get to unlock the $600 million and maybe more in the future from a “revolving fund” in renovation money that the state approved last year.
- The Orioles owners will be absolved of paying any rent on their stadium, though it’s unclear how much that currently amounts to.
- In addition to the $3.3 million a year toward “safety and repair,” the state will kick in $1 million a year to a “capital improvements and repair reserve fund” as well as up to $1 million a year to a “emergency reserve fund,” depending on how fast that latter fund gets used up.
- The development area around the stadium includes “all areas north of Lee Street currently owned by MSA on the Camden Yards site, except for Lot A,” for which the team owners will pay $1.5 million a year for the first five years, then $500,000 a year for the next 25, then an amount starting at $750,000 a year and escalating 1% a year for the last 69 years.
- The Maryland Stadium Authority, Baltimore mayor, and Maryland governor will still each get their own luxury suites for the course of the lease.
Yeah, read that last bullet, got to make sure you make the politicians and donors happy. A report also suggests that former Governor Larry Hogan was not allowed to partake in the luxury box suites with Mr. John Angelos as Angelos has been a mega-donor to mostly Democratic Party candidates. Hogan attempted to work with the Angelos family with a new lease but it turns out that they were not willing to negotiate a new deal until a new governor was installed. I guess Angelos didn’t really care for Governor Hogan that much.
Ok, Dem, Rep, I don’t care, YOU TALK! You try to work together for common solutions, throw the party labels away, and just work together.
Mr. Moore, you lied to the fans…
Mr. Scott, you lied to the fans…
Mr. Angelos, you lied to the fans…
Mr. Thompson, you lied to the fans…
You just conned all the fans and worse, THE CITY. A city that badly needs some good vibes because of the wreckage and war zone this city has become. So one of you four, why don’t you get on the jumbotron and tell them that, because truth of the matter is, fans aren’t going to be really happy with this.
Fans, the ownership set a trap, we fell right into it, and guess what, we were conned. This situation is nowhere near over.
The post Memorandum of Conning the Fans: It’s Not a New Lease appeared first on Marylandsportsblog.com.