The Angelos family has reached a deal to sell the Baltimore Orioles.
Billionaire and Baltimore native David Rubenstein is leading the new ownership group, which includes private equity billionaire Mike Arougheti, according to multiple reports. The deal reportedly values the team at $1.725 billion.
Puck News was first to report the agreement, under which Rubenstein will be the primary decision maker for the ballclub. Sources with knowledge of the situation confirmed the deal Tuesday night to the Baltimore Sun and Baltimore Banner, which reports that Orioles all-time great Cal Ripken Jr. will be part of the new ownership group.
A sale must be approved in a vote of at least 75% by the 30 major league teams. The sales approval process typically lasts several months.
Peter Angelos became the Orioles’ owner in 1993, purchasing the team for $173 million, but his public role has diminished in recent years and he turns 93 next month. His elder son, John, has been the primary decision maker for the team since 2020.
The team recently reached a deal on a new lease extension at Camden Yards. Maryland officials approved that long-term agreement after months of negotiations.
That deal extended the lease for 30 years, with an option to end it after 15 if the team does not receive approval from state officials for development plans next to the ballpark.
Rubenstein has been linked to a potential sale of the Orioles for months. The 74-year-old was born in Baltimore and is a Baltimore City College alumnus. He founded global investment firm The Carlyle Group in 1987. Forbes estimates Rubenstein’s net worth is $3.7 billion.
Over the years, Rubenstein has used much of that fortune in philanthropic efforts, including donations to the Kennedy Center, the National Zoo’s Giant Panda Habitat and Lincoln Memorial renovations. In 2017, the Lyndon B. Johnson Foundation awarded Rubenstein its most prestigious prize, the LBJ Liberty & Justice for All Award, for his work to preserve treasures of American history.
The Orioles are coming off a 101-win season and their first AL East title since 2014. With young stars like Adley Rutschman and Gunnar Henderson — and another top prospect on the way in Jackson Holliday — the future looks as bright as it has in a while for a team that hasn’t won a World Series since 1983.
Even as the team posted the best record in the American League last year, there were ominous signs, such as a New York Times piece in which John Angelos was quoted as saying: “When people talk about giving this player $200 million, that player $150 million, we would be so financially underwater that you’d have to raise the prices massively.”
The club’s payroll has remained low in recent years, and it’s been another quiet offseason for the team so far. If the new ownership group is able to keep Baltimore’s young core together, the Orioles could have a lengthy window of contention.
The Associated Press contributed to this report.
Get breaking news and daily headlines delivered to your email inbox by signing up here.
© 2024 WTOP. All Rights Reserved. This website is not intended for users located within the European Economic Area.
