Orioles' New Lease at Camden Yards: Layoffs a Possibility?
Background
The Maryland Stadium Authority and the Baltimore Orioles have reached an agreement on a new lease for Camden Yards. The current lease was set to expire in 2023.
Key Provisions of the New Lease
The new lease includes several key provisions, including:
- A 30-year term, with two five-year renewal options.
- A $600 million renovation of the stadium, to be funded by the Orioles.
- A provision that allows the Orioles to take over operations and maintenance of the stadium.
Possible Layoffs
The provision that allows the Orioles to take over operations and maintenance of the stadium has raised concerns that there may be layoffs at the Maryland Stadium Authority. The stadium authority currently employs about 200 people.
Maryland Stadium Authority officials have said that they are working to minimize the impact on their employees. They said that they are offering employees a severance package and the opportunity to apply for jobs with the Orioles.
Impact on the Orioles
The new lease is a major victory for the Orioles, who have been seeking a long-term deal to remain in Baltimore. The lease provides the team with the financial stability it needs to make the necessary renovations to the stadium.
Orioles owner Peter Angelos said that the new lease is a "great day for Baltimore." He said that the team is committed to the city and to providing fans with a first-class experience at Camden Yards.
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