Complex sentence: The Orioles lost six of the eight games Waltz managed and he recognized that the team needed a real "baseball man" as manager, and so relinquished these duties to Ned Hanlon, and returned to his role as team vice-president.
Split into simpler sentences: The Orioles lost six of the eight games Waltz managed. But Waltz recognized that the team needed a real "baseball man" to manage the team, and so turned the managerial duties over to Ned Hanlon, and returned to his role as team vice-president.