The Angelos family, majority owner of the Baltimore Orioles, has agreed to sell a control stake in the club to Baltimore native, philanthropist and investor David M. Rubenstein for $1.725 billion. The Angelos family will continue to hold a sizable investment in the Orioles, and John Angelos will serve as a senior advisor to the organization.
The transaction is subject to review and approval by Major League Baseball’s Ownership Committee and a full vote of MLB ownership.
Rubenstein is co-founder and co-chairman of The Carlyle Group and will become the controlling owner of the Orioles upon the close of the transaction. He is joined in the investment by Michael Arougheti, co-founder and chief executive officer of Ares Management; Mitchell Goldstein and Michael Smith, co-heads of the Ares Credit Group; Orioles legend and baseball Hall of Famer Cal Ripken Jr.; former Baltimore Mayor Kurt Schmoke; basketball Hall of Famer Grant Hill; Mike Bloomberg, entrepreneur and philanthropist; Michele Kang, business leader; and other investors.
John Angelos said, “When I took on the role of chair and CEO of the Orioles, we had the objective of restoring the franchise to elite status in major league sports, keeping the team in Baltimore for years to come, and revitalizing our partnership group. This relationship with David Rubenstein and his partners validates that we have not only met but exceeded our goals.”
The Angelos family will remain a major investor in the Orioles after the close of the investment.