A agreement apparently exists for David Rubenstein to purchase the Baltimore Orioles for $1.725 billion.

David Rubenstein, a co-founder of Carlyle Group Inc., has agreed to pay $1.725 billion to acquire the Baltimore Orioles, according to a source familiar with the negotiations.

Due to the agreement’s lack of announcement, the source talked with The Associated Press on Tuesday night under the condition of anonymity. As the team’s main owner, Rubenstein, a native of Baltimore, has put together an investment group that includes Michael Arougheti, one of the Ares founders.

The ownership of the Orioles dates back to 1993, when Peter Angelos paid $173 million to acquire the team. The current chairman of the team is John, Angelos’ son. The team and Camden Yards recently came to an agreement on a new lease arrangement. It took months of negotiations for Maryland officials to approve that long-term arrangement.

Cal Ripken Jr., a Hall of Famer and former Oriole, is reportedly a part of the ownership group.

In exchange, the team agreed to extend the lease for an additional thirty years, with the option to terminate it after fifteen if state officials refused to approve construction plans close to the ballpark.

Before founding Carlyle in 1987, Rubenstein was a Washington-based attorney. He served as President Jimmy Carter’s deputy assistant for domestic policy from 1977 until 1981. Following his graduation from Duke in 1970, he proceeded to study law at the University of Chicago.