The Baltimore Orioles will soon be under new ownership. Sources confirmed to 11 News that team president and CEO John Angelos has agreed to sell the team. Angelos plans to sell the Orioles to a group led by two private equity billionaires, including David, according to people familiar with the matter. Rubenstein was reported to have been involved in sale negotiations in December, with the new ownership group starting with at least a 40% stake. Rubenstein will act as a “controlling” partner. The structure of the deal means that the group will buy 70% of the club owned by the Angelos family after Peter Angelos’ death. The Angelos patriarch has spent the past few years battling illness and dementia. His family has owned the Orioles since 1993. John Angelos officially took over the reins of the team from his father in 2019. Orioles legend Cal Ripken Jr. is part of the new ownership group, but it’s not yet clear what his role will be. A contract must be made. To be approved by Major League Baseball owners. They are scheduled to meet in Florida next week. 11 News has reached the Orioles. The team has not commented on the report. The sale price is reported to be $1.725 billion. Mr. Rubenstein, a Baltimore native, is a co-founder of the Washington, D.C.-based private equity firm The Carlyle Group. This article will be updated.
The Baltimore Orioles will soon be under new ownership.
Sources confirmed to 11 News that team president and CEO John Angelos has agreed to sell the team.
Angelos plans to sell the Orioles to a group led by two private equity billionaires, including David Rubenstein, who was reported to be involved in sale negotiations in December, according to people familiar with the matter. .
The new ownership group will start with at least a 40% stake. Rubenstein will act as a “controlling” partner. The structure of the deal allows the group to fully purchase 70% of the club owned by the Angelos family upon Peter Angelos’ death.
The Angelos patriarch has spent the past few years battling illness and dementia. His family has owned the Orioles since 1993. John Angelos officially took over the reins of the team from his father in 2019.
Orioles legend Cal Ripken Jr. is also part of the new ownership group, although it is not yet clear what his role will be.
The deal must be approved by Major League Baseball owners. The two men are scheduled to meet in Florida next week.
11 News has reached the Orioles. The team has not commented on the report.
The sale price is reported to be $1.725 billion.
Rubenstein, a Baltimore native, is a co-founder of The Carlyle Group, a private equity firm based in Washington, DC.
This story will be updated.
