On Tuesday, it was reported that Orioles owner John Angelos agreed to sell the team to Carlyle Group Inc. co-founder David Rubenstein. The two sides agreed to a $1.725 billion transaction.
At least 75% of the other owners must approve the sale. The owners are meeting next week in Florida for their quarterly meeting. Any finalization of the sale would not come until after these meetings, at least.
Rubenstein is expected to be the decision-maker in the ownership group. Being a native of Baltimore, he is excited to work with his new team. He wants nothing more than to bring home a championship to the fanbase.
"I am grateful to the Angelos family for the oppurtunity to join the team I have been a fan of my entire life. I look forward to working with all the Orioles owners, players, and staff to build upon the incredible success the team has achieved in recent seasons," stated Rubentstein.
The Orioles are coming off a spectacular season where they won 101 games and sat atop the American League East. David Rubenstein is ready to build upon that success and keep the ship moving.
"Our collective goal will be to bring a World Series trophy back to the city of Baltimore. To the fans I say: we do it for you and can't do it without you. Thank you for your support" said Rubenstein.
Rubenstein also took a moment to thank the Baltimore faithful. The fanbase seems to be in great hands with the new ownership group.
David Rubenstein is bringing key partners into the Orioles' ownership group
David Rubenstein will not be acting alone. He is bringing some other key parents into the Orioles' ownership group. Alongside him will be Michael Arougheti and Cal Ripken Jr.
Arougheti co-founded Ares Management, a successful private equity firm. Ripken enjoyed a 21-year career with the Orioles, where he was a 19-time All-Star and was inducted into the Hall of Fame in 2007. Both will help Rubenstein in his quest to bring a championship to Baltimore.
With a new ownership group and the talent the team has, Baltimore is in great shape. Their World Series window is open, and they will be an exciting team to watch this season. Do not be surprised if the O's become a force in the American League for years to come.