Williams acquired a five percent share in the Washington Redskins in 1962. In 1965, he was appointed by team owner George Preston Marshall to run daily operations and was named team president the following year.[1] Williams acquired Marshall's shares in the franchise following his death in 1969.[4] As owner, Williams spent heavily on appointing high-profile coaches and general managers, beginning with Otto Graham in 1966 and continuing with Vince Lombardi in 1969, George Allen in 1971, and Bobby Beathard in 1978. In 1974, Williams sold majority interest in the team to Redskins minority partner Jack Kent Cooke.[4] Due to NFL rules at the time disallowing controlling ownership in other leagues, Cooke allowed Williams to continue operating the team until selling his other properties, the NBA's Los Angeles Lakers and the NHL's Los Angeles Kings, to Jerry Buss in May 1979.[4] Williams remained with the Redskins as its president until selling his remaining shares to Cooke in 1985.[4]
Williams purchased controlling interest in the Baltimore Orioles of Major League Baseball (MLB) from Jerold Hoffberger for $12 million on August 2, 1979,[5] with the transaction being approved unanimously by American League team owners 11+1⁄2 weeks later on October 22.[6] His interest in purchasing the franchise began when he represented in negotiations William E. Simon, who had attempted to do the same thing earlier that year until he withdrew his offer on February 5.[7][8] As part of the deal, Williams bought a block of publicly traded shares that had been issued in 1936 when the team was still the St. Louis Browns, making the Orioles privately held once again.
Many feared Williams would move the team to Washington. Baltimore had previously lost the Baltimore Bullets to Washington. The fear of Williams's moving the team increased with the 1984 departure of the Baltimore Colts. However, Williams never moved the team. More importantly, Williams signed a new, long-term lease with Baltimore that would pay for a new stadium, which would become Oriole Park at Camden Yards. He would not live to see the new ballpark (it opened in 1992, four years after his death). The Orioles were sold by Williams's wife Agnes to Eli Jacobs, Larry Lucchino and Sargent and Bobby Shriver for $70 million on December 5, 1988.[9]
Real estate investments
Among Williams's many real estate holdings was The Jefferson, a 98-room luxury hotel located near the White House and favored by many sport and political figures in the 1980 and 90s. In April 1989, Paine Webber Realty (a subsidiary of the Paine Webber stock brokerage firm) purchased the hotel from Agnes Williams for $28 million ($68.8 million in 2023 dollars).
