The Baltimore Orioles are set to be sold to an investment group led by David Rubenstein, co-founder of Carlyle Group Inc., pending approval from Major League Baseball (MLB) owners. This deal, valuing the Orioles at $1.725 billion, will make Rubenstein the controlling owner of the team, with support from fellow investor Michael Arougheti, co-founder of Ares Management.
Among the notable figures joining the investment group are Orioles legend Cal Ripken Jr., who hails from Maryland, and several Maryland leaders, philanthropists, and sports icons. The acquisition also includes the Mid-Atlantic Sports Network, which broadcasts games for both the Orioles and the Washington Nationals.
The timeline for the sale is yet to be determined, as it awaits approval from MLB owners during their upcoming annual meeting in Orlando. The current majority owner of the Orioles, Peter Angelos, 94, has designated his son, John Angelos, as the “control person” due to his own declining health. Peter’s wife, Georgia, will ultimately decide whether to proceed with the sale following his passing.
David Rubenstein has a longstanding interest in acquiring the Orioles, having previously explored a bid for the Washington Nationals in partnership with Ted Leonsis, owner of the Wizards, Mystics, and Capitals. Rubenstein, a Baltimore native and wealthy Maryland resident, expressed his love for baseball and reminisced about his childhood experiences playing little league in the city. He has actively been discussing his intention to purchase the team.
Rubenstein, who co-founded the Carlyle Group, stepped down as CEO in 2017. With a net worth placing him among the 800 richest people globally, he has dedicated considerable funds towards community projects, including contributions to the National Zoo, the Department of Otolaryngology-Head and Neck Surgery at Johns Hopkins, and the Kennedy Center, where he served as chairman for 14 years.
Cal Ripken Jr., a Maryland native and revered baseball figure, played his entire 21-season career with the Orioles, earning the nickname “baseball’s Iron Man” for his record-breaking consecutive game streak. He remains actively involved in the local baseball scene and also owns the Aberdeen IronBirds, the Orioles’ High-A affiliate.
Michael Arougheti, the CEO of Ares Management, joins Rubenstein’s investment group, bringing his experience in credit-oriented alternative investments. Although his exact stake in the Orioles has not been disclosed, Arougheti previously invested in a sports team last September.
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