BALTIMORE — The owners of the Baltimore Orioles on Tuesday have reached an agreement to sell the major league franchise to private equity billionaire David Rubenstein, according to a published report.
The Baltimore Sun, quoting three anonymous sources with “direct knowledge of the deal,” said that the Angelos family will sell the team to Rubenstein, 74, a Baltimore native and the founder of the Carlyle Group. The reported price tag is $1.725 billion, according to the newspaper.
Peter Angelos bought the Orioles for $173 million in 1993, The Sun reported. Legal documents revealed that Angelos, 94, who is suffering from dementia, wanted the team to be sold so his wife, Georgia, could enjoy the great wealth they had amassed together.”
Orioles strike deal to sell team to Baltimore native David Rubenstein for $1.725B https://t.co/HfPavtVoxa
— The Baltimore Sun (@baltimoresun) January 31, 2024
The owner’s son, John P. Angelos, has been the team’s chairman and managing partner since 2020, according to ESPN.
Rubenstein will be joined by Ares Management co-founder Mike Arougheti, according to WBAL-TV and The Associated Press. WBAL, citing an anonymous source, reported that Orioles Hall of Famer Cal Ripken Jr. will be part of the new ownership group.
Major League Baseball must approve the sale. Owners are scheduled to meet next week in Orlando, Florida, according to ESPN.
The Sun reported that Rubenstein will assume a 40% ownership stake in the franchise, with an agreement to buy the remaining equity when Peter Angelos dies.
A spokesperson for John Angelos declined to comment to the newspaper. Officials with MLB and the Maryland Stadium Authority did not immediately respond to requests for comment.
The Orioles recently agreed to a lease with the state of Maryland, which owns Oriole Park at Camden Yards, to remain in Baltimore for at least 15 years and potentially more than 30, The Sun reported.
Included in the deal is the Mid-Atlantic Sports Network, the regional television network owned by the Orioles and the Washington Nationals, according to the newspaper.
The Orioles won the American League East division in 2023 with a 101-61 record. They were swept in the A.L. Division Series by the Texas Rangers, who went on to win the World Series.
Baltimore has not been to the World Series since 1983, when the Orioles defeated the Philadelphia Phillies in five games.
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