The Angelos family has reached an agreement to sell the Orioles to private equity billionaire David Rubenstein, three sources with direct knowledge of the deal told The Baltimore Sun. Rubenstein is set to take over as the team’s control person as part of the deal, which values the team at $1.725 billion.
The Angelos family has owned the team since Peter Angelos bought it for $173 million in 1993. Legal documents from 2022 revealed that the now-ailing owner wished for the team to be sold following his death so his wife, Georgia, “could enjoy the great wealth they had amassed together.” His elder son, John, has been the team’s control person since 2020.
Rubenstein, 74, is a philanthropist and founder of the Carlyle Group. He is a Baltimore native and an alumnus of Baltimore City College.
He will initially assume a 40% ownership stake in the Orioles with an agreement to purchase the remaining equity upon the death of family patriarch Peter Angelos, according to one of the sources.
