According to team chairman and CEO John Angelos, the Orioles will be sold to billionaire David Rubenstein in a private equity deal valued at $1.725 billion. Rubenstein, the new owner, is a native of Baltimore and a co-founder of The Carlyle Group, an immense private equity firm headquartered in Washington, DC.
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.
As an ongoing admirer of the Orioles, Rubenstein, 74, has been in talks to purchase the team for a while.
The sale still needs Major League Baseball’s approval. Next week, owners are expected to gather in Orlando, Florida. Puck was the first to report on the deal.
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The club’s modest payroll is a source of grievance for supporters, and the team has 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.
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.
After the death of Peter Angelos, the family patriarch who repurchased the Orioles in 1993, the ownership group of Rubenstein and Arougheti will acquire Angelos’ remaining ownership part in the organization, which will start at 40%.
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