In a historic shift for the Baltimore Orioles, the Angelos family is reportedly selling the MLB franchise to billionaires David Rubenstein and Mike Arougheti for $1.725 billion, marking the end of a 31-year ownership era.
Rubenstein, co-founder of the Carlyle Group, and Arougheti, co-founder of Ares Management, are set to take control of the Orioles, pending approval from Major League Baseball.
The move is expected to bring an array of changes, including Rubenstein being the “control person” and Arougheti a large minority investor.
A broader ownership group, potentially featuring local Maryland figures and sports legends like Cal Ripken Jr., may also be part of the restructuring.
The deal, structured to give the new group a 40% stake initially, signifies a major transition from the Angelos family’s longstanding control.
Peter Angelos, who purchased the Orioles in 1993, has reportedly been incapacitated for years due to illness.
The official details of the sale will be presented to MLB owners at the upcoming annual meeting.
Orioles poised to continue recent success
This transformation in ownership comes at a pivotal time for the Orioles, who, under general manager Mike Elias, have amassed a remarkable collection of young talent, including standouts like Adley Rutschman, Gunnar Henderson, Kyle Bradish, and Grayson Rodriguez.
The 2023 season saw the Orioles clinching their first division title since 2014 with a remarkable 101-61 record.
Despite the team’s recent success and a burgeoning farm system, news of the sale has generated significant interest in Baltimore.
The Orioles’ strategy of winning with a young and cost-effective team had raised concerns among fans, especially regarding the commitment to retaining key players.
The Angelos family, known for its cautious spending approach, has faced criticism for its management decisions, including the suspension of broadcaster Kevin Brown and disputes with the state of Maryland over Camden Yards.
The sale opens a new chapter, posing crucial questions about the commitment to future spending and the possibility of retaining talented players like Rutschman and Henderson.
While Rubenstein’s Baltimore roots provide a glimmer of hope for increased investment in the team, the challenges of balancing competitiveness with financial prudence remain.
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