The 2023 season was considered one of the best in Orioles history, with Baltimore winning 101 games, but the franchise still had to battle a series of off-the-field dramas.
CEO John Angelos made many negative headlines throughout the year, suspending broadcaster Kevin Brown for comments about the team’s past struggles and hinting that the franchise will be unable to extend many of its young stars.
Beyond those headlines, a cloud of uncertainty hung over the Orioles’ future in Baltimore as Angelos struggled to reach a deal to keep the team at Camden Yards long-term. The Orioles and the state of Maryland agreed to a new lease in December, and now it appears the franchise is ready to begin a new era without Angelos.
Here’s what you need to know about the Orioles’ reported sale.
Is John Angelos selling the Orioles?
Reports from Puck’s John Ourand and Sportico indicate that the Angelos family has reached a deal to sell the Orioles to billionaires David Rubenstein and Mike Arougheti for $1.725 million.
The group buying the Orioles includes “Maryland sports leaders, philanthropists and legends,” according to The Baltimore Flag.
NEW: A group led by private equity billionaires David Rubenstein and Mike Arougheti is buying the Orioles for $1.725 billion.
Puck Sports Business Correspondent @Ourand_Puck reports. https://t.co/p9GRhoN4XY
– Puck (@PuckNews) January 30, 2024
Bloomberg reported in December that Rubenstein was in talks to buy the Orioles, but there were limited updates on the negotiations as of Tuesday’s reports.
Rubenstein will be the Orioles’ control person once the deal closes, filling the position Angelos has now. Rubenstein and Arougheti will begin by purchasing 40 percent of the franchise, according to Sporticoand the agreement will provide that it will buy the remaining 60 percent when the main owner, 94-year-old Peter Angelos, dies.
The deal has not yet been approved by MLB owners.
John Angelos has served as the Orioles’ CEO and control person since his father stepped aside a few years ago due to his declining health. The Wall Street Journal He said that Peter had long wanted the Orioles to be sold after his death, but John had opposed that idea. Now there seems to be an agreement, although not yet official.
Who are David Rubenstein and Mike Arougheti?
Rubenstein, 74, is a co-founder of the equity firm The Carlyle Group and was president of the Kennedy Center for the Performing Arts until Low on Monday.
Rubenstein has a net worth of $3.7 billion, according to Forbes, and he is from the Baltimore area. Between Rubenstein’s ties to Baltimore and the Orioles’ new lease agreement to remain at Camden Yards, the franchise appears to be staying put after years of uncertainty.
Arougheti is the CEO of investment firm Ares Management and has a net worth of $1.8 billion.
