BALTIMORE, Md. (WAVY) — Birdland is getting ready to be under new ownership.
The Angelos family is reportedly selling the Baltimore Orioles after three decades to a group led by Baltimore native David Rubenstein for $1.725 billion.
The news was first reported by longtime business reporter John Ourand of Puck News, who says Rubenstein, the co-founder of the Carlyle Group, will buy the team alongside another private equity billionaire, Mike Arougheti of Ares Management Corp. The Baltimore Banner has also confirmed the news, adding that Orioles legend Cal Ripken Jr. is part of the purchasing group.
Rubenstein had reportedly been in talks about purchasing the O’s for months, and will be the “control person” for the group. He’s estimated to have a net worth of about $4 billion, and made his fortune as the co-founder of the controversial private equity Carlyle Group.
He also well-known for his philanthropy, the Baltimore Banner reported. He just recently stepped down as the chairman of the Kennedy Center, to which he donated $111 million.
Ourand reported the Rubenstein’s group will purchase 40 percent of the team to start, and will buy the Angelos’ remaining stock upon the death of patriarch Peter Angelos, who’s 94.
The deal still hasn’t been finalized and still needs to be approved by MLB owners, who are set to meet next week.
The news has seen an overwhelmingly positive response from Orioles on social media from fans, who’ve long been critical of the Angelos family’s hesitancy to spend money on the ballclub.
This all comes as the team gets ready to return a World Series-contending core of young players in 2024, and a month after they extended their lease at Camden Years for another 30 years, capping months of negotiations.
Baltimore finished in first place in the American League East in 2023 with a 101-61 record, before falling to World Series champion Texas in the American League Division Series.
