Reports: David Rubenstein’s group to purchase the Orioles

Several reports on Tuesday state that John Angelos has agreed to sell the Baltimore Orioles to a company headed by David Rubenstein, a co-founder of Carlyle company Inc.

According to reports, the Orioles are worth $1.725 billion after this deal.

According to reports, Baltimore native Rubenstein will become the team’s majority owner. Among the investors he has brought together is Michael Arougheti, a co-founder of Ares.

The sale still needs Major League Baseball’s approval. Next week, in Orlando, Florida, there will be an owners’ meeting. Puck was the first to report on the deal.

The 30 major league teams must vote in favor of a sale by a minimum of 75% of the time. Usually, the approval process for sales takes many months.

The ownership of the Orioles dates back to 1993, when Peter Angelos paid $173 million to acquire the team. Since 2020, John, Angelos’ son, has served as the team’s managing partner and chair as Peter battles dementia.

The Orioles and the Maryland Stadium Authority have reached an agreement for the team to stay in Camden Yards for the next 15 years, with the option to extend the agreement to 30 years.

Rubenstein had expressed interest in acquiring the Washington Nationals in the past.

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.

After a 101-win campaign, the Orioles won their first American League East championship since 2014. The future appears to be as bright as it has been in a long time for a team that hasn’t won a World Series since 1983, thanks to youthful talents Adley Rutschman and Gunnar Henderson as well as another outstanding prospect, Jackson Holliday, on the way.

The club’s modest payroll is a source of grievance for supporters, and the team has so far had a quiet offseason. Should the recently acquired ownership group succeed in maintaining Baltimore’s youthful core, the Orioles may enjoy a prolonged period of competitiveness.

Camden Yards, the downtown ballpark that changed baseball park architecture, was where the Orioles were playing when Peter Angelos took over as team owner. With future Hall of Famers Cal Ripken, Roberto Alomar, Mike Mussina, and Harold Baines, the Orioles won the division in 1997 despite their aggressive spending, at least for a short while.