David Rubenstein’s Purchase of Baltimore Orioles Approved by MLB Owners

David Rubenstein’s acquisition of the Baltimore Orioles has been officially sanctioned by Major League Baseball owners, marking the conclusion of the Angelos family’s tenure of over thirty years at the helm of the team.

The approval necessitated a 75% mandate from all owners, with MLB confirming a unanimous vote. The official transfer of ownership to Rubenstein and his consortium was anticipated to be completed later on Wednesday.

In a statement, Rubenstein, a co-founder of Carlyle Group Inc., emphasized the significant responsibility of owning the Orioles and pledged to serve the Baltimore community and fans with dedication, professionalism, and a resolute commitment to winning games.

The Orioles have arranged a press conference for Thursday morning with Rubenstein and Maryland Gov. Wes Moore in attendance. The Angelos family, spearheaded by Peter Angelos, took ownership of the Orioles in 1993 with a purchase price of $173 million.

John Angelos, assuming control since 2019, has been instrumental in steering the team through various transformations in management, recruitment strategies, and roster enhancements. Rubenstein expressed gratitude towards the Angelos family for their contributions and outlined ambitious plans for the team’s future.

Rubenstein’s investor group, which features luminaries like Cal Ripken Jr. and Grant Hill, finalized the acquisition of the Orioles at an estimated value of $1.725 billion.

Coming off a remarkable 101-win season and clinching the AL East title, the Orioles are poised for success following key acquisitions and the development of promising young talents. With the team’s payroll relatively modest, speculation abounds on whether Rubenstein will adopt a more aggressive spending approach to bolster the Orioles’ World Series aspirations.

Prior to the ownership transition, the Orioles secured a long-term lease to stay at Camden Yards, ensuring their presence in the iconic stadium for the foreseeable future.

John Angelos expressed confidence in the team’s trajectory under Rubenstein’s stewardship, envisioning a continued legacy of success for the Orioles in Baltimore.