The Baltimore Orioles, one of the most storied franchises in baseball history, are about to enter a new era of ownership. According to multiple reports, the Angelos family has agreed to sell the team to a group of billionaires led by David Rubenstein and Mike Arougheti, who will pay $1.725 billion for a 40% stake in the club¹²³. The deal, which is expected to be finalized in the coming weeks, will end the 31-year reign of Peter Angelos, the 94-year-old lawyer who bought the Orioles in 1993 for $173 million⁴.
The sale of the Orioles is a major development for the future of the team, which has been struggling on and off the field for the past decade. The Orioles have posted only three winning seasons since 2010, and have finished last in the American League East in five of the last six years. The team has also been plagued by low attendance, declining revenues, and a contentious relationship with the regional sports network MASN, which is co-owned by the Orioles and the Washington Nationals⁴.
The new owners, however, bring a wealth of experience, resources, and connections to the table. Rubenstein, 74, is a Baltimore native and a co-founder of the Carlyle Group, one of the world’s largest private equity firms. He is also a prominent philanthropist and a collector of historical documents and artifacts. Arougheti, 50, is a co-founder and co-chairman of Ares Management, another leading private equity firm. He is also a board member of the Los Angeles County Museum of Art and the Cedars-Sinai Medical Center¹².
The new ownership group also includes some familiar faces for Orioles fans. According to the Baltimore Banner, the group features Maryland leaders, philanthropists, and sports legends, including Orioles Hall of Famer Cal Ripken Jr., who is widely regarded as one of the greatest players of all time and a symbol of the team’s glory days⁵. Ripken, who retired in 2001 after playing 21 seasons for the Orioles, holds the MLB record for consecutive games played with 2,632. He was also a 19-time All-Star, a two-time MVP, a two-time Gold Glove winner, and a World Series champion in 1983⁵.
The involvement of Ripken and other local figures suggests that the new owners are committed to keeping the Orioles in Baltimore and restoring the team’s competitiveness and fan base. The Orioles have a long and rich history in the city, dating back to 1954, when they moved from St. Louis. The team has won three World Series titles, six American League pennants, and nine division titles. The team also plays in one of the most iconic and beloved ballparks in the country, Camden Yards, which opened in 1992 and sparked a wave of retro-style stadiums across the league⁴.
The new owners have also expressed their support for the team’s current management and direction. The Orioles are in the midst of a rebuilding process, led by executive vice president and general manager Mike Elias and manager Brandon Hyde. The team has invested heavily in player development, analytics, and international scouting, and has amassed a promising crop of young talent, including catcher Adley Rutschman, shortstop Gunnar Henderson, outfielder Jackson Holliday, and pitcher Grayson Rodriguez. The team also surprised many observers by winning 101 games in 2023, their best season since 1980, and making the playoffs for the first time since 2014⁴.
The new owners have indicated that they will provide Elias and Hyde with the financial flexibility and autonomy they need to continue the team’s progress and pursue long-term success. They have also pledged to enhance the fan experience at Camden Yards, which recently secured a new long-term lease agreement with the state of Maryland. The new owners have said that they will make improvements to the ballpark’s amenities, technology, and accessibility, as well as increase the team’s involvement in the community and charitable causes¹²⁵.
The sale of the Orioles is a historic moment for the team and the city of Baltimore. The new owners have the opportunity to usher in a new era of excellence and excitement for the franchise, which has been a source of pride and passion for generations of fans. The Orioles have a bright future ahead of them, and the fans have a lot to look forward to in the coming years.
Source:
Angelos family agrees to sell Baltimore Orioles to 2 billionaires at $1.725 billion valuation, per reports. https://www.aol.com/sports/angelos-family-agrees-sell-baltimore-004310561.html
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