Angelos agrees to sell Orioles to private equity group for $1.7B
Baltimore Orioles owner John Angelos has agreed to sell the franchise to a group led by private equity partner David Rubenstein for a value of $1.725 billion.
"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 revitalizing our partnership group, Angelos said in a statement, according to Danielle Allentuck of the Baltimore Banner. "This relationship with David Rubenstein and his partners validates that we have not only met but exceeded our goals."
Rubenstein and fellow private equity partner Mike Arougheti are the leaders of the group. Rubinstein, a Baltimore native who grew up rooting for the Orioles, will become the team's control person, a spokesperson told the Banner's Andy Kostka. Arougheti's full role with the team is still unclear, Puck Sports' John Ourand reports.
Thanks @afkostka. Here's my full statement:
— David M. Rubenstein (@DM_Rubenstein) January 31, 2024
“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… https://t.co/zYWo8dG1eM
Orioles Hall of Famer Cal Ripken Jr. is also part of the ownership group. Other minority partners include former New York City mayor Michael Bloomberg, basketball Hall of Famer and Atlanta Hawks co-owner Grant Hill, and ex-Baltimore mayor Kurt Schmoke, according to Kostka.
"I am excited to once again be a part of the Orioles organization and I thank David for including me in the ownership group," Ripken said, according to The Athletic's Britt Ghiroli. "The Orioles have been a part of my life since I was a child, and this is a special day."
The Angelos family has owned the Orioles since 1993. John Angelos assumed day-to-day responsibilities as owner in 2020 as his father Peter began battling health issues.
Rubenstein and Arougheti will start by taking 40% ownership of the club, according to Ourand. The group will then buy out the Angelos' remaining shares following the death of Peter. John will stay with the organization as a senior adviser.
The other 29 MLB owners are expected to receive details on the sale at next week's annual meetings. The deal is currently without a timetable to close despite the agreement, per Ourand.
Peter Angelos bought the team for $173 million in 1993. The Orioles ranked as the 18th-most valuable team in baseball in 2023 at $1.7 billion, according to Forbes.