Orioles Sale: MLB Ownership committee gives procedural thumbs up to transfer of rights for Baltimore franchise

The approval of a change of ownership of the Baltimore Orioles cleared a major administrative milestone on March 8. The new ownership group, led by businessman David Rubenstein and Mike Arougheti is now firmly in the driver's seat.

Though it has not yet been officially announced, the Baltimore Sun reported that the MLB ownership committee had greenlighted the purchase. Now, the proposal will be sent to the owners of MLB's other 29 teams for an official vote.

Whispers of a change in ownership were first heard last December, when Rubenstein, a billionaire businessman and native of Baltimore, made clear his interest in acquiring the team. A month later, it was announced that the Angelos family would be selling a controlling interest in the club to Rubenstein's group for $1.725 billion.

"Major League Baseball’s ownership committee has approved the purchase of a controlling stake in the Baltimore Orioles by Carlyle Group co-founder David Rubenstein and a consortium of investors" - Bloomberg

Under the terms of the deal, Rubenstein and Arougheti will purchase some 40% of the team, and will assume the balance upon the death of current owner Peter Angelos. Currently 94 years of age, Angelos has owned the O's since 1993.

After attending high school in Baltimore, Rubenstein attended Duke University before obtaining a JD from the University of Chicago in 1973. In 1987, Rubenstein founded the Carlyle Group, a private equity firm that currently manages nearly $300 bllion worth of assets.

"@Orioles fans...a few more photos...there's nothing like walking through the tunnel and then seeing the majestic stadium...plus me swinging for the fences" - David M. Rubenstein

In 2021, the Baltimore Orioles tied the Arizona Diamondbacks' 52 wins, giving them the worst record in MLB. However, the franchise has seen a drastic turnaround over the past two seasons, and were the AL's only team to win over 100 games last year. The Orioles met their end at the hands of the Texas Rangers in the ALDS.

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New Baltimore Orioles' ownership will bring deep pockets to surging club

With a purported net worth of some $3.9 billion, David Rubenstein will inevitably become one of MLB's richest owners. As we have witnessed under the leadership of New York Mets owner Steve Cohen, who is worth some $16 billion, cash-strapped owners have the potential to spend big.

While the current composition of the Orioles seems to be working out fine, fans in Baltimore will likely be reassured by the fact that Rubenstein's cash reserves will never be far away.