Major League Baseball unanimously approved the sale of the Baltimore Orioles to David Rubenstein on Wednesday.
Rubenstein, a Baltimore native, purchased the team from the Angelos family for $1.725 billion.
Commissioner Robert Manfred released a statement following the league’s approval:
Rubenstein, a co-founder of the private equity firm The Carlyle Group, and lead co-purchaser Mike Arougheti will initially acquire a 40% stake in the club.
Rubenstein has an estimated net worth of $3.7 billion, while Arougheti's is estimated to be $1.8 billion, per Forbes.
MLB
"To own the Orioles is a great civic duty," Rubenstein said. "On behalf of my fellow owners, I want the Baltimore community and Orioles fans everywhere to know that we will work our hardest to deliver for you with professionalism, integrity, excellence, and a fierce desire to win games.
"I thank John Angelos and his family for all they have done to bring us to this point. John led a dramatic overhaul of the team's management, roster, recruitment strategy, and farm system in recent years. Our job is to build on these accomplishments to advance a world-class professional sports agenda – with eyes on returning a World Series trophy to Baltimore.”
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Peter Angelos, who bought the Orioles for $173 million in 1993, died Saturday at the age of 94.
The Orioles have made six postseasons since the Angelos took over. They had one of their best seasons yet in 2023, going 101-61, before losing to the eventual champion Texas Rangers in the ALDS. It was the team's highest win total since 1979 and followed a period in which Baltimore lost more than 100 games in three of four seasons between 2018 to 2021.
The Orioles will host the Angels on Thursday in the season opener.
