The Baltimore Orioles will soon be under new ownership. Sources confirmed to 11 News that team president and CEO John Angelos has agreed to sell the team. According to sources, Angelos will sell the Orioles to a group led by two private equity billionaires, including David. Rubenstein was reported to be in sales talks in December. The new ownership group will start with a minimum of 40% stake. Rubenstein will serve as the “controlling” partner. The structure of the deal will allow the team to buy the entire 70% of the club owned by the Angelos family following the death of Peter Angelos. The Angelos patriarch has spent the past several years dealing with illness and dementia. His family has owned the Orioles since 1993. John Angelos officially took control of the team from his father in 2019. Orioles legend Cal Ripken Jr. is part of the new ownership group, but it's still unclear what his role will be. The contract must be approved by Major League Baseball owners. They are scheduled to meet next week in Florida. 11 News reached the Orioles. The group did not comment on the report. The sale is said to be worth $1.725 billion. Rubenstein, a native of Baltimore, co-founded The Carlyle Group in Washington, DC This story will be updated.
The Baltimore Orioles will soon be under new ownership.
Team President and CEO John Angelos has agreed to sell the team, sources confirmed to 11 News.
According to sources, Angelos will sell the Orioles to a group led by two private equity billionaires, including David Rubenstein, who was reported to be in sales talks in December.
The new ownership group will start with at least 40% stake. Rubenstein will serve as the “controlling” partner. The structure of the deal will allow the team to buy the entire 70% of the club owned by the Angelos family following the death of Peter Angelos.
The Angelos patriarch has spent the last several years dealing with illness and dementia. His family has owned the Orioles since 1993. John Angelos officially took control of the team from his father in 2019.
Orioles legend Cal Ripken Jr. is part of the new ownership group, but it's still unclear what his role will be.
The deal must be approved by Major League Baseball owners. They are scheduled to meet in Florida next week.
11 News reached the Orioles. The committee did not comment on the report.
The sale is said to be worth $1.725 billion.
A native of Baltimore, Rubenstein is a co-founder of The Carlyle Group, a private equity firm in Washington, DC.
This story will be updated.
