David Rubenstein agrees to buy the Baltimore Orioles for $1.725bn

David M. Rubenstein has agreed to buy a majority stake in Major League Baseball's Baltimore Orioles from the Angelos family for $1.725 billion.

The Angelos family will maintain a "significant" ownership in the Orioles, with John Angelos serving as a senior advisor to the franchise. Angelos took over the Orioles from his father, Peter, who bought the team in October 1993 for $173 million.

Rubenstein, a Baltimore native, is a co-founder and co-chairman of The Carlyle Group, and following completion of the acquisition, he will become the Orioles' controlling owner. The contract must be reviewed and approved by MLB's ownership committee.

The agreement was reached after the Orioles announced a partnership in December with the State of Maryland, Governor Wes Moore, and the Maryland Stadium Authority to play at Oriole Park at Camden Yards for another 30 years.

Angelos said “When I took on the role of chair and CEO of the Orioles, we had the objective of restoring the franchise to elite status in major league sports, keeping the team in Baltimore for years to come, and revitalising our partnership group. This relationship with David Rubenstein and his partners validates that we have not only met but exceeded our goals.”

Rubenstein said “I am grateful to the Angelos family for the opportunity to join the team I have been a fan of my entire life. I look forward to working with all the Orioles owners, players and staff to build upon the incredible success the team has achieved in recent seasons.

“Our collective goal will be to bring a World Series Trophy back to the City of Baltimore. To the fans I say: we do it for you and can’t do it without you. Thank you for your support.”





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