Major League Baseball’s owners have officially approved David Rubenstein, a private-equity billionaire, as the new owner of the Baltimore Orioles. This accelerated sale transferred control of the team to Rubenstein and his ownership group in a swift manner, granting them 70% ownership of the Orioles less than two months after the initial agreement with the Angelos family. Commissioner of Baseball Robert D. Manfred, Jr. expressed gratitude towards the Angelos family for their years of service to the game and the Baltimore communities, while also congratulating Rubenstein on becoming the new steward of the Orioles.
The valuation of the Orioles at $1.725 billion marks a significant milestone as the third highest for the sale of a baseball team. This valuation places the Orioles behind the New York Mets, acquired by Steve Cohen for $2.4 billion in 2020, and the Los Angeles Dodgers, purchased by a group led by Mark Walter for $2.15 billion in 2012. Rubenstein takes charge of a team that excelled in the past season, winning an impressive 101 regular-season games. The Orioles also boast a young and talented core, with standout players like Adley Rutschman, Gunnar Henderson, and Jackson Holliday showcasing immense potential.
Despite having one of the lowest payrolls in baseball at $96.6 million, Rubenstein aims to inject fresh capital into the team. This infusion of funds could potentially be used to attract marquee free agents or secure long-term contracts for promising young talents. With a diverse group of investors backing him, including Orioles legend Cal Ripken Jr., former New York City mayor Michael Bloomberg, and others, Rubenstein brings not only financial support but also a deep-rooted connection to the team. His lifelong passion for the Orioles, combined with a strategic investment perspective, sets the stage for a new chapter in the team’s history.
In December, the Orioles solidified their commitment to Baltimore by signing a 30-year lease to remain at Camden Yards. This agreement includes provisions for potential development around the stadium, aligning with John Angelos’ vision of creating a vibrant mixed-use space similar to The Battery near Atlanta’s Truist Park. With Rubenstein’s group currently holding a 40% ownership stake in the Orioles, there are plans to acquire an additional 30% from the Angelos family in the future. This gradual transition of ownership sets the foundation for sustained growth and success under Rubenstein’s leadership.
The Baltimore Orioles are embarking on a new journey under the ownership of David Rubenstein. With a focus on nurturing young talent, investing in player development, and strengthening community ties, Rubenstein’s vision for the team holds tremendous promise. As the Orioles enter this exciting era, fans can look forward to a renewed sense of optimism and competitiveness on the field. With a strategic blend of financial backing, baseball acumen, and genuine passion for the sport, Rubenstein is poised to guide the Orioles towards a bright and prosperous future.
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