Sometimes a moment is so big that everyone seemingly sees a news notification on their phone at the same time. That was the case last night in Baltimore as Puck News broke that the Angelos family is selling the Baltimore Orioles to a group led by billionaire and Baltimore-native David Rubenstein.
The sale price is reported as $1.725 billion.
From the New York Post:
Rubenstein, a Baltimore native worth an estimated $4.6 billion by Bloomberg, will be the “control person,” with Mike Arougheti, the Ares Management Corp. co-founder, also part of the investment group buying into the ballclub.
The group stepping in to buy the beloved Maryland baseball team includes a slew of Maryland leaders, philanthropists and sports legends, including Orioles great Cal Ripken Jr., The Baltimore Banner reported.
Forbes estimates Aroughetti is worth $1.8 billion.
The infusion of cash into the Orioles seemingly comes at a good time as the team has some of the best young players and prospects in the sport, including Adley Rutschman, Gunnar Henderson, Grayson Rodriguez, and Jackson Holiday, all of whom the majority of fans want to see signed to long-term contracts. The team is also coming off an American League East division championship and a 101-win season.
The Orioles also have a new 15- to 30-year lease at Oriole Park at Camden Yards which unlocks $600 million in taxpayer-financed bonds for stadium improvements. This funding was authorized last year by the Maryland General Assembly.
The Angelos family has expressed an interest in redeveloping parking lots and properties around the stadium, but those plans are still under negotiation with a deadline of 2027 to reach an agreement.
Rubenstein is co-founder and co-chairman of the Carlyle Group, a private equity firm that is no stranger to real estate development. Rubenstein is a graduate of Baltimore City College.
Arougheti’s Ares Management Corp. also invests in real estate.
Lawyer Peter Angelos led a group of investors who purchased the Orioles in 1993 for $173 million. Angelos is now 94 years old. His son John Angelos serves as the chair and managing partner.
Don’t look now, but pitchers and catchers report on February 15th.
