He was one of the investors in a Clarence Miles-led group that successfully purchased the St. Louis Browns from Bill Veeck on September 29, 1953, moving the franchise to Baltimore and renaming it the Orioles for the 1954 season.
Iglehart eventually became the largest individual shareholder, with a 32% stake in the ballclub, which emerged as a legitimate pennant contender by 1960 on the strength of its scouting, player development and farm system.
Iglehart was in violation of MLB conflict of interest rules when CBS' purchase of an 80% investment in the New York Yankees was approved by American League team owners on August 13, 1964.
Oddly enough, the day after the sale, the National Gypsum Company (now part of Lafarge), another enterprise of which he was on the board, rechristened in his honor a deep sea tanker that was converted into what was then the world's largest self-unloading cement-carrying lake freighter, the J.A.W.
After leaving the Orioles, he served on the Yankees' board of directors until the team was sold in January, 1973 to an investment group led by George Steinbrenner.