Democratic Governor Wes Moore expects imminent deal for Camden Yards
Democratic Maryland Governor Wes Moore expressed confidence on Wednesday that a new lease agreement with the Baltimore Orioles will be reached before the end of this year. The MLB team’s current lease at Camden Yards expires soon, and negotiations have been ongoing.
“We’ve been working all throughout the weekend and the week with all the partners, and we feel very confident that a deal is imminent,” Moore said after a Board of Public Works meeting. Moore, who chairs the three-member board, emphasized the importance of securing a long-term deal that benefits taxpayers.
Positive outlook from Maryland Treasurer
Maryland Treasurer Dereck Davis, also a board member, expressed confidence that an agreement will be reached before the end of the year. Davis stated, “I believe that we’ll have a resolution real soon,” highlighting the progress in the negotiations.
Details of the September agreement
The Orioles’ lease at Camden Yards expires at the end of the year. In September, the team announced a new 30-year deal to stay at the ballpark. The agreement included a 99-year development rights agreement for areas surrounding the ballpark, which proved to be a contentious point for some officials.
Senate President Bill Ferguson, a Baltimore Democrat, voiced concerns over the condition of the long-term lease being tied to private development rights. Ferguson stated, “Fundamentally, I believe that the long-term lease for the use of the ballpark should not be conditioned on whether or not a private owner receives a 99-year ground lease to develop land owned by Maryland taxpayers.”
Potential ownership change
Reports have surfaced about potential changes in Orioles ownership. Last week, Bloomberg reported that David Rubenstein, co-founder of Carlyle Group Inc., has been in talks to acquire the team. The uncertainties surrounding ownership have added another layer to the negotiations.
Prior investments in sports stadiums
Last year, the state of Maryland increased bond authorization for M&T Bank Stadium, home of the Baltimore Ravens, and Camden Yards. The measure allowed borrowing of up to $600 million for each stadium, demonstrating the state’s commitment to supporting its sports infrastructure.