Congrats, Baltimore Orioles fans! Your 31-year nightmare is reportedly coming to an end!
In breaking news late Tuesday night, the Angelos family has agreed to sell the Baltimore Orioles and a stake in the Mid-Atlantic Sports Network (MASN) to a pair of billionaire investors, David Rubenstein of The Carlyle Group and Mike Arougheti of Ares Management Corp. Puck News’ John Ourand was the first to report the historic news.
Related: Angelos Family in Talks to Sell O’s Per Report
Rumors of a sale during the first quarter of 2024 surfaced in early December. Gillian Tan of Bloomberg reported the Angelos family was engaged in talks with Rubenstein, a Baltimore native and the co-founder of the $14.7 billion Carlyle Group. Once the deal is approved, the billionaire is expected to become the “control person.”
The Angelos family, Major League Baseball, and the Orioles have yet to confirm the news. MLB owners are likely to discuss the sale during a prescheduled owners meeting set for next week.
Here’s more on the Baltimore Orioles sale including how much the team is being sold for, who else is involved, and what it means for the future of the O’s in Charm City.
How Much Are the Baltimore Orioles Being Sold For?
According to reports, the Orioles are being sold for $1.725 billion.
In 1993, Peter Angelos assembled a group of investors to purchase the Baltimore Orioles from Eli Jacobs. The Angelos led coalition bought the team for $173 million, the highest price paid for a sports franchise at that time. The $1.725 billion price tag is certainly a nice return on their investment for the Angelos family.
As part of the deal, the Angelos family will reportedly keep 60% ownership of the team until Peter Angelos passes away. This is being done in effort to prevent the Angelos family from incurring significant capital gains tax charges.
Who Else is Involved in the Baltimore Orioles New Ownership Group?
While Arougheti and Rubenstein are the main financiers of the purchase, the pair will have help from Baltimore Orioles legend Cal Ripken Jr. Ripken’s stake in the team is unknown at this time. Baseball’s Iron Man, Ripken played all 21 Major League seasons with the Orioles. The Hall of Famer is a fixture in the Maryland baseball scene. Ripken founded the Aberdeen IronBirds, the O’s High-A affiliate, and built the Ripken Experience youth baseball complex adjacent to the IronBirds’ ballpark.
Ripken’s inclusion in the ownership group should come as no surprise. After all, he is “Mr. Oriole.”
There have been no reports of any additional investors.
Update: In addition to Ripken Jr., former New York mayor Mike Bloomberg, NBA Hall of Famer Grant Hill, Washington Spirit owner Michele Kang, and former Baltimore mayor Kurt Schmoke are members of the investor group.
The Orioles make it official:
The Angelos family is selling a controlling stake in the franchise to Baltimore billionaire David Rubenstein — joined by:
• Cal Ripken Jr
• Mike Bloomberg
• NBA HOF Grant Hill
• Former mayor Kurt Schmoke
• Washington Spirit owner Michele Kang pic.twitter.com/lzWgMgwNdk— Front Office Sports (@FOS) January 31, 2024
The Baltimore Orioles Sale Puts a New Lease on Life for the O’s in Charm City
There had been some concern about the Orioles long term future in Baltimore. Back in February 2023, the Angelos family chose not to opt-in to a five-year lease extension for Oriole Park at Camden Yards with the idea of leveraging a better deal from the Maryland Stadium Authority. Additionally, there had been years of infighting and lawsuits from the Angelos family over the controlling interest of the team. There was also an outstanding legal dispute over MASN TV right fees which was partially settled last summer.
In short, the Angelos ownership of the Baltimore Orioles had become a sinking ship. The newer ownership group has cast a lifeline.
The ballpark lease issue has been settled and the Orioles and the MSA have extended the club’s lease on Camden Yards for 15-years. The influx of wealth from the new ownership group, along with a renewed relationship with the MSA, should provide the impetus for both parties to get more done as relates to the ballpark site.
Rubenstein’s love for the Orioles and Ripken’s involvement as an investor should not be lost in all the reports. The Orioles, perhaps for the first time since 1993, are seemingly headed down a good path.
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