Baltimore Orioles being sold for $1.725 billion

The Baltimore Orioles are being sold to a pair of private equity billionaires.

Orioles owner John Angelos has agreed to a sale with a group led by David Rubenstein, co-founder of the Carlyle Group Inc., according to multiple reports. The sale, if approved by at least 75% of major league ownership, would value the team at $1.725 billion.

Rubinstein would take over as the team’s controlling owner. The investment team also includes Ares co-founder Michael Arougheti. According to The Baltimore Banners’ Andy Kostka, Orioles legend Cal Ripken Jr. is also part of the ownership group.

After serving as a deputy domestic policy advisor under President Jimmy Carter and working as a lawyer, Rubenstein co-founded the Carlyle Group in 1987. The global investment firm currently has $293 billion worth of assets under management. Rubenstein was also gauging interest in the Washington Nationals at one point, according to ESPN.

Angelos’ father, Peter, originally bought the team for $173 million in 1993. John Angelos has been the team’s chair and managing partner since 2020, after Peter was diagnosed with dementia.

The turn in Peter’s illness has caused a very public fight for the Angelos estate – which includes the Orioles, a law firm, and a real estate empire. John’s brother, Louis Angelos, sued John and their mother Georgia in June 2022 for making a power grab for total control of the Orioles. Georgia sued Louis that following August, accusing Louis of trying to take sole ownership over the Law Offices of Peter Angelos.

The change in ownership marks a new era for the wayward Baltimore franchise. The team picked up its first AL East pennant since 2014 and made the playoffs for just the fifth time under Angelos’ ownership. The Orioles also agreed to a new stadium lease in December, keeping them in Maryland for at least the next 15 years. The Orioles could extend that deal to 30 years if they reach an agreement to develop the land around Camden Yards.

New ownership fueled by private equity could also mean a spending change for a notoriously cash-strapped franchise. Despite boasting an AL-best 101 wins in 2023, Baltimore has finished bottom-five in Opening Day payroll each of the last five years. The Orioles have finished top-ten in Opening Day payroll just three times since 2000.