On the heels of their best season in several years, the Baltimore Orioles’ ownership change caught the baseball world by surprise.
Longtime owner Peter Angelos has owned the Orioles since 1993 and has seen both good times and bad. With Angelos’ net worth estimated at around $2 billion, he’s not hurting for money. But then why is Angelos deciding to sell the team and who will be taking over the Orioles?
What to Know About New Orioles Ownership
Angelos has agreed to sell the Orioles to David Rubenstein. Like Angelos, Rubenstein is a native of Baltimore. He also has close ties to Washington D.C. and the Beltway area. Rubenstein is now ready to write the next chapter in the history of Orioles ownership. But what else should fans know about the Orioles ownership change?
Sale Price
The Orioles sale moved rather quickly after Angelos and Rubenstein agreed to a price of $1.725 billion. However, that price will only give Rubenstein and his investment group a 40% ownership stake in the Orioles. But Rubenstein will be the controlling owner once the sale is finalized.
Also, Rubenstein’s investment group will have the option of purchasing the remaining 60% of the team from the Angelos family whenever Peter Angelos, who is 94 years old, passes away.
Timeline
While Angelos and Rubenstein have agreed to a price, the transaction of a sports franchise that’s worth over $1 billion doesn’t happen overnight. The other MLB owners first have to approve the sale. The MLB ownership committee will have to clear the sale before every owner votes with 23 of the 29 other owners needing to approve before the Orioles can be sold.
The good news is that MLB Commissioner Rob Manfred has reportedly discussed the sale with the other owners and will pursue an expedited timeline that could lead to the sale being approved by the MLB All-Star Break.
Who Else is in the Ownership Group?
While Rubenstein will be the controlling owner of the Orioles once the sale is finalized, he is bringing several prominent names along with him as part of the new ownership group. New York-based investment manager Michael Arougheti is a key figure in the investment group.
Rubenstein’s group also includes former Baltimore Mayor Kurt Schmoke, Orioles legend Cal Ripken Jr., former NBA player Grant Hill, and former New York City Mayor and businessman Michael Bloomberg.
Who is David Rubenstein?
Much like current Orioles owner Peter Angelos, David Rubenstein is a native of Baltimore and a billionaire. Rubenstein’s net worth is an estimated $3.8 billion. After growing up in Baltimore and graduating from Duke University, Rubenstein became a lawyer. He once served as chief counsel for the U.S. Senate Judiciary’s subcommittee on Constitutional Amendments. He later served in Jimmy Carter’s administration as a domestic policy advisor.
In 1987, Rubenstein pivoted into finance, becoming the co-founder of an investment firm called The Carlyle Group. He helped The Carlyle Group to succeed, as the firm now has assets worth over $370 billion. Rubenstein still serves as co-chairman of The Carlyle Group in addition to being the chairman of the National Gallery of Art and the Kennedy Center for the Performing Arts, among other positions.
Can the Orioles Win a Championship with New Owners?
There is every reason to believe that Rubenstein and his ownership will be committed to making the Orioles a successful franchise. After all, he’s a native of Baltimore and a longtime fan of the Orioles. He also has a former player like Ripken as part of his ownership group to help provide guidance and inspiration.
In fact, soon after Rubenstein’s purchase of the Orioles was first announced, he said: “Our collective goal will be to bring a World Series Trophy back to the City of Baltimore.”
Those seem like the words of an owner who’s serious about winning. With the Orioles coming off a 101-win season in 2023, the new ownership group is taking over at a time when the stars could be aligned for the Orioles to become a dominant force in MLB for many years to come.
