New O's ownership group takes over an organization that is trending up

David Rubenstein

When the sale of the Orioles, for $1.725 billion, becomes official through Major League Baseball, Baltimore native David M. Rubenstein will become the fifth owner of the Orioles in team history that, of course, dates to 1954.

It will be a new era of Orioles baseball.

Maybe the best news for the new ownership group, which will include Oriole Hall of Famer Cal Ripken Jr., is that they take over a team and organization on the rise.

There is no rebuilding to do, it’s rebuilt.

The task now is to build on that, try to stay on top and make all of the above better. As Rubenstein stated, bringing the first World Series title to Baltimore and the fans since 1983 tops the wish list.

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Angelos family to sell Orioles to David Rubenstein, other investors

David Rubenstein

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.

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