Baltimore Orioles owner Peter Angelos and his family have agreed to sell the baseball team they have owned for over 30 years to a group led by billionaire David Rubenstein. The deal, which is subject to approval by Major League Baseball and the other team owners, comes with a hefty price tag of $1.725 billion. This amount is nearly ten times the $173 million that Angelos and his partners paid for the Orioles in 1993.
The inclusion of Orioles legend Cal Ripken Jr. in Rubenstein’s ownership group is expected to sweeten the deal for Baltimore fans. However, neither the Orioles nor Rubenstein have provided any official comments on the matter.
Despite the Orioles’ history of mediocrity under Angelos’ ownership, the team has shown promise in recent years. In 2023, the Orioles won the American League East and had the best record in the AL, with 101 wins. This success marked their best season since 1979. However, their playoff run ended in disappointment, falling short of their World Series ambitions.
Under Angelos’ ownership, the Orioles had a mixed track record. They won their last World Series in 1983, a decade before Angelos acquired the team. Throughout his tenure, the team had a losing record in 17 out of 30 years and made only six playoff appearances.
The prospective new owner, David Rubenstein, is a Baltimore native and co-founder of The Carlyle Group, a prominent private equity firm based in Washington, DC. Rubenstein, a longtime Orioles fan, has been in talks to purchase the team for some time.
If the sale is approved, Rubenstein will become the controlling partner in the ownership group, making key decisions for the team. His group of investors includes Cal Ripken Jr. and Michael Arougheti, co-founder of Ares Management. Initially, Rubenstein will own 40% of the team, while Angelos will retain a stake and serve as an advisor. However, upon Angelos’ passing, Rubenstein’s group will assume full ownership.
The valuation of the Orioles at $1.7 billion is nearly triple its worth in 2014, according to Forbes. This places the Orioles as the 18th most valuable franchise in baseball, just ahead of the Milwaukee Brewers and the Colorado Rockies.
In conclusion, the Baltimore Orioles are set to be sold for a staggering $1.725 billion to a group led by David Rubenstein. The inclusion of Cal Ripken Jr. in the ownership group adds excitement for Baltimore fans. While the Orioles have had a mixed performance under Peter Angelos’ ownership, recent successes have raised hopes for the team’s future. If approved, Rubenstein will become the controlling partner, with Angelos maintaining a stake until his passing. The significant increase in the team’s valuation reflects its potential and market value in the baseball industry.