Carlyle Group Inc. co-founder, David Rubenstein, has reportedly made a significant agreement to purchase the Baltimore Orioles for a staggering $1.725 billion. While the deal has not been officially announced, a person with insider knowledge spoke to The Associated Press on Tuesday night on the condition of anonymity.
Rubenstein, a Baltimore native, will step in as the team's controlling owner, marking a significant change in the Orioles' leadership. His investment team includes Ares co-founder, Michael Arougheti, adding further expertise to the venture.
The Angelos family, who have been in charge of the Orioles since 1993 when Peter Angelos acquired the team for $173 million, will now pass the baton to Rubenstein. Currently, John Angelos, Peter's son, serves as the team's chairman.
The Orioles recently secured a lease extension agreement at Camden Yards following several months of negotiations. This long-term lease, approved by Maryland officials, extends for 30 years. However, there is an option to terminate the lease after 15 years if the team fails to gain state approval for any development plans adjacent to the ballpark.
Prior to his involvement with the Orioles, Rubenstein had a successful career in different fields. Before co-founding Carlyle in 1987, he practiced law in Washington. Additionally, from 1977 to 1981, Rubenstein served as a deputy assistant for domestic policy to former President Jimmy Carter. Rubenstein is no stranger to education either, having graduated from Duke University in 1970 before attending the University of Chicago Law School.
The acquisition of the Baltimore Orioles by David Rubenstein emphasizes his commitment to the city where he grew up. With his extensive experience in law and finance, Rubenstein brings a wealth of knowledge and expertise to the team. This ownership change marks a significant turning point in the Orioles' history, and fans will be eager to see how this influential acquisition shapes the future of the team.
As the deal awaits an official announcement, it's evident that the Orioles are heading into a new chapter under Rubenstein's ownership. The potential impact on the team's strategies, personnel, and overall direction is yet to be revealed. Only time will tell how Rubenstein's ownership will reshape the Orioles and their role within Baltimore's rich sports culture.
