The Baltimore Orioles released their official statement on the sale of the controlling stake of the team from the Angelos family to Baltimore native David Rubenstein. Previously, the Moore/Miller admin released a statement on the sale. The full statement from the Orioles can be seen below:
- David Rubenstein leads a diverse investor group that includes Michael Arougheti, Mitchell Goldstein, Michael Smith, and Maryland leaders, philanthropists, and sports legends
- David Rubenstein to become Control Person of the Orioles
- The Angelos family will continue as a major investor, and John Angelos will work with Rubenstein as a senior advisor
- Transaction values the franchise and assets at $1.725 billion
Baltimore, MD – The Angelos family, majority owner of the Major League Baseball (MLB) franchise the Baltimore Orioles, has agreed to sell a control stake in the Orioles to Baltimore native, philanthropist, and investor David M. Rubenstein for $1.725 billion. The Angelos family will continue to hold a sizable investment in the Orioles, and John Angelos will serve as a senior advisor to the organization. The transaction is subject to review and approval by MLB’s Ownership Committee and a full vote of MLB ownership.
Mr. Rubenstein is Co-Founder and Co-Chairman of The Carlyle Group and he will become the controlling owner of the Orioles upon the close of the transaction.
Mr. Rubenstein is joined in the investment by Michael Arougheti, Co-Founder and Chief Executive Officer of Ares Management; Mitchell Goldstein and Michael Smith, Co-Heads of the Ares Credit Group; Cal Ripken, Jr., Oriole’s legend and MLB Hall of Famer; Kurt Schmoke, former Baltimore Mayor; Grant Hill, NBA Hall of Famer; Mike Bloomberg, entrepreneur and philanthropist; Michele Kang, business leader; and other investors.
John 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 revitalizing our partnership group. This relationship with David Rubenstein and his partners validates that we have not only met but exceeded our goals.”
The Orioles’ major league roster and minor league team are stacked with young talent. For example, in a first in MLB history, the O’s have the #1 prospect in all of pro baseball (Jackson Holliday) for the third year in a row, following Gunnar Henderson (No. 1 in 2023) and Adley Rutschman (No. 1 in 2022), and have five of the top 32 rated prospects in all of professional baseball. In 2023, the Orioles won the American League East for the first time since 2014 and the Orioles had more wins (101) than in any season since 1979.