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Tuesday, August 13, 2019

Will One of These Fundsters Buy the Orioles?

News summary by MFWire's editors

One famed fundster is shying away from buying his hometown baseball team, but another might step up.

William H. Miller III
LMM (dba Miller Valuer Partners)
Founder, Chairman, Chief Investment Officer
Chip Mason, the founder and former CEO of Baltimore-based Legg Mason, tells the Baltimore Business Journal that, despite a Baltimore Post-Examiner story to the contrary, he's not interested in buying the Baltimore Orioles. Yet former Legg Mason star PM Bill Miller, chairman and chief investment officer of Baltimore-based Miller Value Partners, tells the Baltimore Business Journal that, if the current owners decide to sell, he would "definitely be interested in taking a look.

Miller lauds the "new analytics-based strategy" from the Orioles' general manager and assistant general manager and notes a possible barrier to a sale.

Meanwhile, Mason says he hopes the team stays in Baltimore. (The team's lease ends in 2021, and there have been rumors they might move to Nashville.)

"If Baltimore wants to continue to hope to be considered a major city, you don't want to lose professional sports franchises," Mason tells the Journal. "To not have Camden Yards occupied would be brutal. It would be horrible if they lost the Orioles."

As of April, Forbes estimates the Orioles value at $1.3 billion. 

Edited by: Neil Anderson, Managing Editor

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