The Orioles appear to be flying into new ownership.
After 30 years of ownership, the Angelos have agreed to sell the Baltimore MLB club for $1.725 billion, according to multiple reports on Tuesday.
The Angelos will sell the team to two private equity billionaires, David Rubenstein of the Carlyle Group and Mike Arougheti of Ares Management Corp., the reports said.
John Ourand of Puck News was the first to report the sale.
Orioles legend Cal Ripken Jr. is part of the ownership group, too, NBC affiliate WBAL in Baltimore added, citing a source. The Baltimore Banner first reported Ripken Jr.'s involvement.
MLB
If approved by MLB and the 29 other owners, it would end a 31-year run for the Angelos after they purchased the club for $173 million in 1993. Owners are scheduled to meet next week in Orlando, Fla., ESPN added.
Rubenstein has an estimated net worth of $3.7 billion while Arougheti's is estimated to be $1.8 billion, per Forbes.
A Baltimore native, Rubenstein reportedly previously explored sales for two other Washington franchises: the Commanders in the NFL and the Nationals, also in MLB. The Commanders were sold to a different group in July of 2023 while the Nationals are still for sale.
Rubenstein will assume an initial 40% stake in the team, Puck reported. Rubenstein will assume total control when Peter Angelos, the 94-year-old family patriarch, dies.
The Orioles have made six postseasons since the Angelos took over but are coming off one of their best seasons yet, going 101-61 in 2023 before losing to the eventual champion Texas Rangers in the ALDS.
It marked the team's highest win total since 1979 and ended a period in which Baltimore lost 100-plus games in three of four seasons between 2018 to 2021.
