During the recess, the bankers were fleeing to make calls to see how far they could extend the extra $9 million – and growing – difference in what they truly had and what they were bidding.
After the recess, Loria immediately went to $171 million. Stamas countered with $172 million. Loria said, “173.” Stamas offered $174 million.
After 16 rounds in the sweltering heat of lower Manhattan, Loria condeded defeat.
“Congratulations Mr. Angelos and Mr. Stamas, you have yourselves a baseball team,” Loria said.
It was then when the era of the ownership of Peter G. Angelos began for the Baltimore Orioles.
The bankers were aghast. They were only doing the loans for up to $153 million. Even with the new money of DeWitt and Castellini, it only added another $9 million. The pragmatists bean counters were as ashen faced, almost dejected at the inflated price and the debt load despite knowing about the $40 million in cash. Angelos, Stamas and Steve Geppi along with the Baltimore group had just bought what felt like a lifetime of Christmas mornings and didn’t realize why the bankers were so sullen.
Angelos turned to them and said, “What the hell’s wrong with you guys? You look glum, like someone died. We just won the Orioles!”
One of the bankers said, “Peter, we have no idea how we’re going to come up with the extra 12 million dollars.”
Angelos, ready to celebrate with Diet Cokes at a tavern down the street and come back to Baltimore a local hero – as the “King of the Baltimore Orioles” – wasn’t nearly as concerned.
“Don’t worry,” Angelos told the banker and the accountant. “You’ll figure it out.”
