John P. Angelos agreed to sell the Baltimore Orioles to private equity billionaires David Rubenstein and Mike Arougheti, Puck News reported Tuesday.

The transaction values the Orioles at $1.725 billion, according to the report.

Rubenstein, a Baltimore native, had previously shown interest in buying the Washington Nationals. He and the New York-based Arougheti are both founders of private equity firms, the Carlyle Group and Ares Management Corp., respectively.

According to Puck, the group will start off owning roughly a 40 percent stake in the club. When John P. Angelos’ 94-year-old father Peter Angelos dies, Rubenstein and Arougheti will buy up the remaining 60 percent.

Major League Baseball still must approve the sale. The owners are scheduled to meet next week in Orlando, Fla.

John P. Angelos has been the team’s chair and managing partner since 2020 as his father suffers from dementia.

The Orioles recently finalized a deal with the Maryland Stadium Authority to remain at Camden Yards for the next 15 years, with a path to expand the commitment to 30 years.

–Field Level Media