Maryland Stadium Authority, Governor Moore and the Baltimore Orioles Agree on Terms to Keep the Team in Baltimore for 30 Years and Revitalize Downtown Baltimore

Published: 9/29/2023

Memorandum of Understanding Outlines Key Parameters for Final Deal

ANNAPOLIS, MD — Yesterday, the Maryland Stadium Authority, Baltimore Orioles and Governor Wes Moore finalized a memorandum of understanding that will keep the Orioles in Baltimore for at least 30 years, modernize facility operations at the best price for Maryland taxpayers, and boost private sector development to revitalize downtown Baltimore City and create more opportunity for all.

“I could not be more thrilled to spend decades watching the Orioles win titles in Baltimore,” said Gov. Wes Moore. “This deal is not only a good use of state resources, but will also drive economic growth in downtown and across the city. Today, we take a big step toward a more vibrant and thriving Baltimore–with good-paying jobs, a diversified economy, and opportunity for all. This deal is good for the city and the state, and I’m grateful for the partnership that got us to this day. The Baltimore renaissance is here.”

“We had three goals in 2019 when we organized the Orioles management team,” said Orioles Chair and Managing Partner John Angelos. “We set out to remake the club to be a consistently competitive winner on the field, and to create a strong business and fiscal foundation to be able to do so at the highest level to sustain that competitiveness – and to completely reinvent and extend the Orioles’ partnership with the City of Baltimore and the State of Maryland for the next three decades to ensure that the O’s would be in Baltimore up to and through our 100th anniversary. We have been very fortunate that we have achieved all of these goals.”

“This deal secures the Orioles in Baltimore for decades to come,” said Maryland Stadium Authority Chairman Craig Thompson. “They have been an important economic driver of downtown Baltimore for years. This will make Camden Yards best-in-class while driving new economic growth through some of the untapped potential surrounding the stadium. As we have seen in downtowns across the country, this is vital to diversifying the city’s economy and creating a center of gravity that attracts private sector investment.”

Highlights of the memorandum of understanding include:
 

• Securing the Orioles’ future at Camden Yards for at least 30 years, until the team’s 100th anniversary in Baltimore, 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;
• Transferring operations and maintenance responsibilities for the ballpark from the Maryland Stadium Authority to the Orioles, which will save the state money; and
• Shifting the management of capital expenditures at the ballpark to the Orioles while maintaining the Maryland Stadium Authority’s oversight, including state controls and approval over any new projects on the complex.

The Maryland Stadium Authority is currently responsible for funding and carrying out all operations and maintenance work at Oriole Park, spending an average of $6.5 million per year above and beyond rent income. Rent paid by the Orioles supports the work but is not enough to cover the costs. By shifting operations and maintenance responsibility to the Orioles, the Maryland Stadium Authority will save money and will contribute a portion of the savings, $3.3 million per year, for the duration of the stadium agreement toward a safety and repair fund to keep the stadium in top-notch condition. Funds will be dedicated to updating and maintaining critical stadium equipment such as elevators, chillers, and escalators. The new terms also align stadium operations with best practices from around the country, as many professional baseball teams handle their own maintenance and operations needs.

The State of Maryland and the Orioles will also enter into a new development rights agreement, allowing the Orioles to bring private capital for investment to the area surrounding the ballpark, including the Warehouse and Camden Station. The Orioles will pay $94 million in rent over the 99-year term of the agreement and the state and the Orioles will work together on plans for the new development. As the areas around the ballpark have historically remained underutilized and under-occupied, development will breathe new life into the area around the most popular entertainment attraction in the city and act as a cornerstone for a broader Baltimore renaissance.

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Oriole Park at Camden Yards Memorandum of Understanding for New Facility Use Agreement and Ground Lease for Development Rights

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https://governor.maryland.gov/news/Pages/contacts.aspx

Release
https://governor.maryland.gov/news/press/pages/maryland-stadium-authority-governor-moore-and-the-baltimore-orioles-agree-on-terms-to-keep-the-team-in-baltimore-for-30-yea.aspx