Baltimore Orioles owner John Angelos has agreed to sell the baseball team to a group that involves private equity billionaires David Rubenstein and Michael Arougheti in a deal that values it at $1.7 billion, according to multiple reports, which cited sources with direct knowledge of the negotiations.
The Orioles finished the 2023 season with a 101-61 record. (Photo by Julio Aguilar/Getty Images)
Rubenstein, the co-founder of Carlyle Group, would become the team’s “control person,” the Baltimore Banner reported, adding the investment group also includes Arougheti and Maryland philanthropists, sports legends and leaders, such as famed former Orioles star Cal Ripken Jr.
Angelos, 94, has his son, John, as the team’s “control person” due to his age.
Rubenstein and Arougheti will own about 40% of the team and purchase Angelos’ remaining stake after he passes, according to the Banner.
A timeline for the deal is not yet clear.
The Orioles did not immediately respond to Forbes’ request for comment.
We estimate Rubenstein’s net worth at $3.7 billion and Arougheti’s at $1.8 billion. Each are co-founders of their respective firms, both of which manage hundreds of billions in assets.
Angelos purchased the Orioles in 1993 for $173 million and has been unable to manage his role in the business since 2018 because of illness. His son John is the team’s CEO. The Orioles finished last season with a 101-61 record, the second-best standing in the MLB behind the Atlanta Braves. However, the team fell short in the postseason after being swept by the Texas Rangers in the American League Divisional Series. The Orioles have not won a World Series since 1983.
John Angelos agrees to sell Orioles to group led by Baltimore native David Rubenstein (The Baltimore Banner)