John Angelos and the owning family of the Baltimore Orioles have purportedly reached an agreement to sell the team to a group led by billionaire David Rubenstein.
The price of the deal is approximated to be close to $1.725 billion, and Rubenstein, himself a Baltimore native, will serve as the new controlling owner, according to a report.
Assisting the Carlyle Group Inc. co-founder in securing the deal will be Ares co-founder Michael Arougheti.
In 1993, Angelos family bought the Baltimore Orioles for $173 million.
Today, the team reportedly sold for $1.725 billion to a pair of private equity billionaires, per @Ourand_Puck.
Quite the investment. 📈💰 pic.twitter.com/UgBZizBtma
— FOX Sports: MLB (@MLBONFOX) January 31, 2024
The deal will not be finalized until the MLB approves it, and any sale must receive the approval of 75% of the current 30 major league organizations, a process that takes months, the report noted.
A meeting between owners is slated for next week in Orlando.
The Angelos family assumed control of the Orioles in 1993 when Peter Angelos bought the team for $173 million, and it has maintained its role with John, the son of Angelos, taking the reins and serving as the chairman and managing partner since 2020, according to the report.
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Last season, the Orioles finished with a first-place finish in the American League East and 101 wins.
The team is bolstered by young talent, and the franchise recently extended its stay at Camden Yards for 15 years through a new deal with the Maryland Stadium Authority.