John Angelos, the chair and managing partner of the Baltimore Orioles, has agreed to sell the team to a group led by Baltimore native David Rubenstein, along with New York businessman Michael Arougheti and other investors, as reported by The Baltimore Banner. The deal, valued at $1.725 billion, also includes Orioles legend Cal Ripken Jr. and other Maryland leaders, philanthropists, and sports legends.

The acquisition also encompasses the Mid-Atlantic Sports Network, which broadcasts games for both the Orioles and the Washington Nationals. The agreement, however, is subject to approval by MLB owners at their upcoming annual meeting in Orlando.

Who is David Rubenstein?

Dubbed as the billionaire buying the Orioles, David Rubenstein is set to take over the team from Peter Angelos, who has owned a majority stake in the Orioles since 1993. With Peter’s declining health and advanced dementia, his son, John, has been the designated ‘control person’ for the team.

According to court documents, Peter Angelos originally intended for the team to pass to his wife, Georgia, and for her to sell it upon his death so that she ‘could enjoy the great wealth they had amassed together.’ However, the decision to sell the team now rests with Georgia, as per the documents.

The deal, initially reported by Puck News, has not been officially commented on by the Orioles, John Angelos, or Gov. Wes Moore. The agreement stipulates that Rubenstein and Arougheti will initially own approximately 40% of the team and will acquire Angelos’ remaining stake following Peter’s death, potentially incurring significant capital gains taxes for the Angelos family.

The Angelos family, who also owns a majority stake in the Mid-Atlantic Sports Network, is poised for a significant shift in ownership as the Orioles look towards a new era under the leadership of David Rubenstein and his investment group.