Orioles ownership is finally changing hands. 

Team owner John Angelos has agreed to sell the Orioles to private equity billionaires David Rubenstein and Mike Arougheti in a deal valuing the club at $1.725 billion, according to Puck News. 

A timetable for when the deal will close is unclear, but MLB owners will be briefed on details of the sale next week when they meet in Orlando.

The role of Arougheti, the Ares Management Corp. co-founder, is also a bit murky, but it is expected that Rubenstein, the co-founder and co-chairman of the private equity firm the Carlyle Group, will serve as the ownership group’s decision maker.

This is a developing story, please check back for updates