Remaining 60% Of Baltimore Orioles Can Now Be Sold With $250 Million Of Tax Savings [Forbes]
John Wiley & Sons, Inc. (WLY)
Company Research
Source: Forbes
Baltimore Orioles owner Peter Angelos Peter Angelos, who purchased the Baltimore Orioles for $173 million in 1993 for $173 million, died yesterday. In January, the Angelos family agreed to sell the baseball team to private equity billionaires David Rubenstein and Mike Aroughe ti for $1.725 billion. The deal was structured such that the incoming ownership group would initially own 40% percent stake of the team and buy the Angelos' remaining interest following the death of Peter Angelos. Now that Angelos has passed away, the option to acquire his stake in the Orioles can be exercised (it was only exercisable upon his demise) and the option holders, the buying group, can thus succeed to majority ownership of the team. For tax purposes, it was critical that the option only be exercisable upon his death. This restriction allowed the basis of Angelos' stake to be stepped-up to its date of death value. Accordingly, there will be no gain recognized upon the sale of his stake by his est
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Sec Filings
- 5/2/24 - Form 4
- 5/2/24 - Form 4
- 5/2/24 - Form 4
- WLY's page on the SEC website