Baltimore, MD – In a move that promises to reshape the future of Baltimore baseball, private equity titan David Rubenstein has agreed to purchase the Baltimore Orioles for a staggering $1.725 billion. The deal, reported by Puck News, marks a new chapter for the franchise after years of uncertainty under the Angelos family ownership.
Rubenstein, co-founder of the Carlyle Group and a Baltimore native, will lead the ownership group alongside fellow private equity mogul Mike Arougheti. His financial clout, estimated at $3.7 billion, positions him to inject much-needed resources into the Orioles’ long-struggling payroll.
This acquisition comes after Rubenstein previously explored bids for the Washington Commanders and Nationals, but ultimately set his sights on his hometown team. The proposed sale would also bring an end to the 31-year reign of the Angelos family, marked by recent turmoil stemming from patriarch Peter Angelos’ declining health and internal family disputes.
Under the terms of the deal, Rubenstein will initially acquire a 40% stake in the club, with the remaining shares to be purchased after Peter Angelos’ passing. Approval from Major League Baseball and its 29 owners is still pending, with a final decision expected sometime in the second quarter.
While the Orioles never reached the World Series under the Angelos family, their recent 101-win season and AL East title victory in 2023 offer a glimmer of hope for the future. However, concerns about payroll increases and stadium lease negotiations loomed large.
John Angelos, son of Peter and the current control person, previously expressed anxieties about player retention and the Camden Yards lease in an interview. He even considered postponing a lease extension to pursue a multi-use development project around the stadium.
However, with a new deal in place and the lease secured for at least 15 years, the Orioles can now focus on building a competitive team under Rubenstein’s leadership. Whether this translates to sustained success and, eventually, a World Series title remains to be seen, but one thing is certain: a new era has dawned for the Baltimore Orioles.
Key Points:
- David Rubenstein leads $1.725 billion purchase of Baltimore Orioles.
- Deal ends 31-year Angelos family ownership.
- Rubenstein’s financial resources promise to boost payroll.
- MLB approval and due diligence still pending.
- Orioles’ recent success offers hope for the future.
- New ownership may revitalize the franchise.
