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.
“I am personally committed to helping David and his partners take the franchise to the next level,” Angelos added. “We think this transaction is great for Major League Baseball and great for the city of Baltimore and Maryland. We are thankful to the fans and supporters cheering on the O’s as we reached this important goal – and who will be with us celebrating more success to come.”
Rubenstein said, “I am grateful to the Angelos family for the opportunity to join the team I have been a fan of my entire life. I look forward to working with all the Orioles owners, players and staff to build upon the incredible success the team has achieved in recent seasons. Our collective goal will be to bring a World Series trophy back to the city of Baltimore. To the fans I say: We do it for you and can’t do it without you. Thank you for your support."
He added, “Importantly, the impact of the Orioles extends far beyond the baseball diamond. The opportunity for the team to catalyze development around Camden Yards and in downtown Baltimore will provide generations of fans with lifelong memories and create additional economic opportunities for our community.”
Ripken said, via his account on X, formerly known as Twitter, "I am excited to once again be a part of the Orioles organization and I thank (David Rubenstein) for including me in the ownership group.
"The Orioles have been a part of my life since I was a child, and this is a special day. I look forward to this opportunity and will do whatever I can to help the organization. Let’s go O’s!"
Rubenstein, born and raised in Baltimore, is a graduate of Baltimore City College and is a 1970 magna cum laude graduate of Duke University, where he was elected Phi Beta Kappa. He is a globally known philanthropist, investor, author and interviewer.
The Carlyle Group is a global investment firm based in Washington, D.C. Established in 1987, Carlyle manages $382 billion from 28 offices around the world. Rubenstein is chairman of the boards of the John F. Kennedy Center for the Performing Arts, the Council on Foreign Relations, the National Gallery of Art, the Economic Club of Washington and the University of Chicago, as well as a trustee of Johns Hopkins Medicine. Rubenstein is an original signer of The Giving Pledge and a recipient of the Carnegie Medal of Philanthropy.
The new ownership group takes over a club that won 101 games and the American League East championship last year and advanced to the playoffs for the first time since 2016. The Orioles also own the No. 1 farm system in the majors with six current top 100 prospects, according to Baseball America and MLB Pipeline; seven per ESPN in a new top 100 just released today.