John Angelos agrees to sell Orioles for $1.725 billion in bombshell deal
Orioles ownership is changing hands as John Angelos agrees to sell the team to billionaire David Rubenstein in a deal worth $1.725 billion. Rubenstein will join the ownership ranks and bring potential changes to the organization.
Franchise-Altering News
A bombshell deal is taking place in the world of MLB as John Angelos has agreed to sell the Baltimore Orioles to private equity billionaire David Rubenstein. The deal values the franchise at a staggering $1.725 billion and is considered franchise-altering news for both on and off the field. The sale details will be disclosed to MLB owners in the coming week.
Rubenstein, a Baltimore native with an estimated net worth of $4.6 billion, will be the 'control person' in the ownership group. The investment group also includes Mike Arougheti, co-founder of Ares Management Corp. Cal Ripken Jr., a legend in Orioles history, is among the prominent figures joining the group.
John Angelos has been in charge of the Orioles since 2020 due to his father's declining health. Under his leadership, the team has shown promise with a strong roster of young talent.
Franchise Potential and Payroll
The Baltimore Orioles had an impressive 2023 season, recording 101 wins and claiming the American League East title. The team boasts young stars such as Rookie of the Year infielder Gunnar Henderson, All-Star catcher Adley Rutschman, and top prospect Jackson Holliday. However, the Orioles made minimal improvements to their roster in the offseason, with their only notable free-agent signing being pitcher Craig Kimbrel on a one-year deal.
Despite receiving arbitration raises for several players, the Orioles' payroll remains among the lowest in the league. With Rubenstein's substantial financial resources, there is potential for increased spending and pursuit of free agents under the new ownership. The franchise's operating strategies moving forward are still uncertain.
New Ownership Group and Baltimore Connection
David Rubenstein and Mike Arougheti will initially hold a 40 percent stake in the Orioles, with plans to acquire John Angelos' remaining interest in the future. Rubenstein's interest in buying the Orioles dates back to 2022 when he expressed willingness alongside Ted Leonsis to bid on the franchise. Rubenstein, a proud Baltimore native, has deep ties to the city and the local baseball scene.
Rubenstein's wealth was accumulated through his role as one of the founders of the private equity firm The Carlyle Group. His acquisition of the Orioles marks a significant moment for the team and its fans, as a new era of ownership begins.
