Baltimore Orioles ownership is on the brink of changing hands. Present team owner John Angelos has reportedly agreed to sell the team.
Angelos, whose family has owned the Orioles since 1993, is selling the team to a group led by private equity billionaires David Rubenstein and Mike Arougheti for $1.725 billion, according to a report from John Ourand of Puck News.
Rubenstein is one of the founders of the Carlyle Group, one of the largest private equity firms in the world with over $382 billion in assets under management (AUM). Rubenstein was born and raised in Baltimore, Md. Arougheti is a co-founder, CEO, and president of Ares Management, which has $395 billion in AUM. Arougheti hails from New York.
The reported agreement states that the group led by Rubenstein and Arougheti will begin with a 40% ownership stake in the Orioles. The group will be able to purchase the remaining stake upon the death of Angelos family patriarch Peter Angelos, who originally bought the team from Eli Jacobs for roughly 10% of the present-day valuation.
Orioles ownership hasn’t exactly had the highest approval rating under the Angelos family. Several fans were quick to celebrate the agreed-upon sale on social media.
I DONT CARE IF IM GETTING GOT AT THIS POINT I JUST SIMPLY NEEDED A REASON TO BE HAPPY…
THE ORIOLES ARE ON THEIR WAY TO BE AN ABSOLUTE JUGGERNAUT WITH MONEY.
PLAY. THE. DAMN. SONG. pic.twitter.com/mSOIB03E6e
— Zach Bollinger (@zachbollinger18) January 30, 2024
Doing my civic duty and liking every tweet about the Orioles being sold pic.twitter.com/UZs1KinppC
— Maryland Sports Report (@410sportsreport) January 31, 2024
POP THE BOTTLES THE ANGELOS FAMILY IS SELLING THE BALTIMORE ORIOLES!!! pic.twitter.com/Wy3aub3n3l
— Maryland Sports Blog (@MDSportsblog) January 30, 2024
The Orioles last season won the highly competitive AL East division for the first time in nearly a decade. The team projects to have a promising future, led by rising stars such as Adley Rutschman and Gunnar Henderson. With an injection of new money soon to come, that future could look even brighter in Baltimore.
