Baltimore Orioles reportedly sold to David Rubenstein, Cal Ripken Jr. in $1.7 billion deal
BALTIMORE, Md. - The Baltimore Orioles have a new owner.
According to The Baltimore Banner, David Rubenstein, co-founder of the Carlyle Group, is buying the Baltimore Orioles from the Angelos family for more than $1.7 billion.
Private equity mogul and Ares Management co-founder Mike Arougheti is expected to be a minority partner, and Orioles legend Cal Ripken, Jr. is also part of the group that purchased the team, the outlet confirmed with a source.
BALTIMORE, MD - AUGUST 09: Hall of Famer Cal Ripken Jr. before the game against the Houston Astros and the Baltimore Orioles at Oriole Park at Camden Yards on Friday, August 9, 2019 in Baltimore, Maryland. (Photo by Rob Tringali/MLB Photos via Getty
If approved by Major League Baseball and its 29 other owners, Rubenstein — a Baltimore native — will be the new owner of the Orioles.
BALTIMORE, MARYLAND - OCTOBER 08: Fans cheer during Game Two of the Division Series between the Baltimore Orioles and the Texas Rangers at Oriole Park at Camden Yards on October 08, 2023 in Baltimore, Maryland. (Photo by Greg Fiume/Getty Images)
The move would end a 31-year ownership by the Angelos family.
Peter Angelos purchased the Orioles in 1993 for $173 million.
The move arrives just one year after the O's clinched the AL East division title and won 101 games.