It’s officially official. The Angelos family agreed on Wednesday to sell a controlling stake of the Baltimore Orioles to philanthropist, investor, and Baltimore native David Rubenstein for $1.75 billion. According to a press release, Rubenstein will be control person of the Orioles and the Angelos family will continue to hold a sizable investment in the team. John Angelos will serve as a senior advisor to the organization.
The official announcement comes less than a day after the news was first reported.
The release confirmed that Orioles legend Cal Ripken, Jr. will be a part of the group. But so will NBA Hall of Famer Grant Hill, who grew up in Reston, Virginia, and Washington Spirit owner Michele Kang.
“I am grateful to the Angelos family for the opportunity to join the team I have been a fan of my entire life,” Rubenstein wrote on Twitter. “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. 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.
“Importantly, the impact of the Orioles extends far beyond the baseball diamond. The opportunity for the team to catalyze development around Camden Yards and in downtown Baltimore will provide generations of fans with lifelong memories and create additional economic opportunities for our community.”
Thanks @afkostka. Here's my full statement:
“I am grateful to the Angelos family for the opportunity 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… https://t.co/zYWo8dG1eM
— David M. Rubenstein (@DM_Rubenstein) January 31, 2024
Cal Ripken added on Twitter, “I am excited to once again be a part of the @Orioles organization and I thank @DM_Rubenstein for including me in the ownership group. The Orioles have been a part of my life since I was a child, and this is a special day. I look forward to this opportunity and will do whatever I can to help the organization. Let’s go O’s!”
Other members of Rubenstein’s ownership group include:
- Michael Arougheti, Co-Founder and Chief Executive Officer of Ares Management
- Mitchell Goldstein and Michael Smith, Co-Heads of the Ares Credit Group
- Kurt Schmoke, former Baltimore Mayor
- Mike Bloomberg, entrepreneur and philanthropist
The sale is subject to review and approval by MLB’s Ownership Committee and a full vote of MLB ownership before it can go through.
The Orioles, led by catcher Adley Rutschma, sported a record of 101-61 in 2023, notching its first 100 win season since 1980. The Orioles won the AL East and made the playoffs for the first time since 2016. There, they lost to the Texas Rangers in the ALDS 3-0.
During the offseason, Gunnar Henderson was named Rookie of the Year while Brandon Hyde was took home Manager of the Year hardware.
With Rubenstein’s ownership, the Orioles could be able to retain its young core as they fully develop and enter free agency, giving hope that the team could become a juggernaut in the future. The new situation also puts MASN, the TV rights holder of both the Orioles and Washington Nationals, in new hands.
Rubenstein is friends with Monumental Sports & Entertainment’s Ted Leonsis, who has reportedly shown major interest in buying the Washington Nationals.
