MLB approves sale of Orioles to David Rubenstein

The Baltimore Orioles officially have a new owner.

Major League Baseball's 29 other owners unanimously approved the sale of the club Wednesday from the Angelos family to a group led by new control person David Rubenstein.

Rubenstein's group paid $1.725 billion for the franchise, according to ESPN's Jeff Passan. It's the third-highest sale price for an MLB team in the league's history.

The 74-year-old Baltimore native introduced himself to Orioles fans on social media moments after the announcement:

"On behalf of Major League Baseball, I thank the Angelos family for their many years of service to the game and the communities of Baltimore," commissioner Rob Manfred said in a statement obtained by Chelsea Janes of the Washington Post.

He added: "I congratulate David Rubenstein on receiving approval from the major-league clubs as the new control person of the Orioles. As a Baltimore native and a lifelong fan of the team, David is uniquely suited to lead the Orioles moving forward."

Rubenstein and his partners are buying 40% of the team right now and will increase their share to 70% at a later date, Passan reports. This is in line with the original terms of the January agreement, which called for a full transition to be completed following longtime owner Peter Angelos' death.

Angelos, who bought the team for $173 million in 1993, died Saturday at age 94. He'd ceded control to his son John in recent years due to ongoing health issues.

Notable partners in the Rubenstein group include Orioles icon Cal Ripken Jr., basketball Hall of Famer and Atlanta Hawks co-owner Grant Hill, former New York mayor Michael Bloomberg, and ex-Baltimore mayor Kurt Schmoke.

Rubenstein is buying the Orioles at what appears to be the dawn of a new golden era for the storied franchise. The team is coming off a 101-win season that saw it claim its first division title in nine years and is led by a talented core that features several up-and-coming stars, including catcher Adley Rutschman. Baltimore traded for former Cy Young winner Corbin Burnes in the offseason and will likely add Jackson Holliday - baseball's top prospect - at some point this year.

In December, the Orioles signed a 30-year extension on their lease at Camden Yards. The lease also allows ownership to develop land around the ballpark.