In a landmark deal, John Angelos, the chair and managing partner of the Baltimore Orioles, has agreed to sell the storied franchise to a group led by Carlyle Group Inc. co-founder David Rubenstein. The transaction, which is reportedly valued at $1.725 billion, marks a significant shift in ownership for the Orioles. Rubenstein, a Baltimore native, will take over as the team’s controlling owner and has assembled a formidable investment team that includes Ares co-founder Michael Arougheti.
Before the sale can be finalized, it must first receive approval from Major League Baseball. The 30 major league teams will vote on the sale, with at least 75% of the votes required for approval. The owners are expected to convene in Orlando, Florida, next week to discuss the sale. The sales approval process typically lasts several months, ensuring a thorough evaluation of the deal from all parties involved.
For nearly three decades, the Angelos family has been at the helm of the Baltimore Orioles. In 1993, Peter Angelos purchased the team for $173 million, ushering in a new era for the franchise. Since then, the Angelos family has shaped the Orioles’ trajectory. Unfortunately, Peter Angelos suffers from dementia, and his son John has taken on the mantle of leadership as the team’s chair and managing partner since 2020.
The Orioles’ recent success on the field has given the team a renewed sense of optimism for the future. Coming off a 101-win season and their first American League East title since 2014, the Orioles have emerged as a force to be reckoned with. With a talented roster that includes rising stars Adley Rutschman, Gunnar Henderson, and the promising prospect Jackson Holliday, the team has the potential for sustained success. The new ownership group’s ability to retain and nurture this young core will be crucial in realizing the Orioles’ championship aspirations.
While the Orioles have experienced success on the field, one area that has drawn criticism from fans is the team’s payroll. The club’s payroll has remained low, and the offseason has been quiet in terms of major acquisitions. However, if the new ownership group can address this issue and invest in the team’s future, the Orioles could embark on a prolonged period of contention.
The Orioles’ history is one filled with highs and lows. When Peter Angelos initially took control of the team, they were playing at Camden Yards, a revolutionary downtown venue that changed the landscape of baseball parks. The Orioles thrived during this period, spending aggressively and winning the division in 1997 with a roster that included future Hall of Famers such as Cal Ripken, Roberto Alomar, Mike Mussina, and Harold Baines.
However, following this success, the Orioles entered a period of decline, failing to make the postseason again until 2012. Under the guidance of manager Buck Showalter, the team experienced a renaissance, but ultimately had to rebuild after enduring consecutive seasons with over 100 losses. The pandemic-shortened 2020 season provided a brief respite from this streak but did not alter the overall trajectory.
The acquisition of the Baltimore Orioles by David Rubenstein’s group represents a turning point for the franchise. With Rubenstein’s local ties and impressive investment team, there is renewed hope that the Orioles can recapture their former glory. As the approval process unfolds and the new ownership group assumes control, fans and baseball enthusiasts alike eagerly await the dawn of a new era in Baltimore baseball. Only time will tell if this change in ownership will pave the way for a return to championship contention, but the stage is set for the Orioles to make their mark once again.
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