It’s the end of an era in Baltimore as the Angelos family prepares to sell the Orioles in a sale worth $1.725 billion.
After years of speculation, the Angelos family will be selling the Baltimore Orioles after all. Peter Angelos has been the majority owner of the Baltimore Orioles since purchasing the franchise in 1993. Angelos, now 94 years old, has made it clear that he wants his family to sell the team when he dies. With his father in poor health, John Angelos, Peter’s oldest son and the Orioles chief executive, seems to be honoring his wishes.
John Angelos has agreed to sell the Baltimore Orioles to David Rubenstein and Mike Arougheti, two private equity billionaires, per @Ourand_Puck pic.twitter.com/d8Dgdt3mpt
— Talkin’ Baseball (@TalkinBaseball_) January 30, 2024
Orioles Sale Marks a New Era in Baltimore
David Rubenstein, co-founder of the Carlyle Group, is in talks to purchase the Baltimore Orioles along with Mike Arougheti, co-founder of Ares Management Corporation. Rubenstein, a Baltimore native, will become the Orioles’ new control person and decision-maker. The private equity group will reportedly start with a 40 percent ownership stake in the Orioles franchise and will purchase the remaining shares after the passing of Peter Angelos.
There is no timeline for when the sale may close, but the new owners could be buying the team at the right time. The Orioles clinched their first division title in nearly a decade last season and ended a six-year postseason drought. Led by Adley Rutschman and Gunnar Henderson, the youth movement in Baltimore is in full swing with many of the top Orioles prospects expected to debut in 2024.
The Orioles also finalized a 30-year lease agreement for Camden Yards with the State of Maryland in December. The new lease agreement keeps the Orioles at Camden Yards for a minimum of 15 years and includes a no-relocation clause keeping the Orioles in Baltimore for years to come.
Rubenstein told Orioles executives that he would consider purchasing the team should it be for sale back in 2022. The deal values the Orioles franchise at $1.725 billion.
Photo Credit: “Outfield Entrance to Oriole Park at Camden Yards” by Ken Lund is licensed under CC BY-SA 2.0.
