David Rubenstein, co-founder of the private equity behemoth Carlyle Group, has reached an agreement to purchase the Baltimore Orioles for $1.725 billion, sources confirm. Pending approval from Major League Baseball, this acquisition would signify the end of the Angelos family’s 31-year ownership reign.
A Baltimore native and lifelong Orioles enthusiast, Rubenstein has formed an investment consortium featuring Orioles icon Cal Ripken Jr., alongside other influential Maryland figures and philanthropists. Here’s a breakdown of how Rubenstein secured ownership of his beloved hometown team and the potential implications for its future.
Why Did Rubenstein Pursue Orioles Ownership?
Born in Baltimore in 1949, Rubenstein developed an unwavering passion for the Orioles from a young age. Attending his inaugural game at Memorial Stadium in 1954, he witnessed the team’s illustrious period in the 1960s and 1970s, marked by three World Series victories and six American League pennants. Rubenstein admired Orioles legends like Brooks Robinson, Frank Robinson, Jim Palmer, and Earl Weaver.
Despite ascending to become a globally influential businessman after co-founding Carlyle Group in 1987, amassing over $260 billion in assets under management, and dedicating himself to philanthropy, Rubenstein retained his fervor for the Orioles.
His dream of team ownership materialized in 2023 when the Angelos family decided to sell the franchise following the passing of Peter Angelos. In January 2024, Rubenstein, the leading bidder, reached an agreement with the Angelos family to acquire the Orioles.
The Acquisition Process
Rubenstein’s purchase of the Orioles involved a multifaceted and unconventional deal with two phases and various partners:
First Phase: Rubenstein’s investment group would secure a 39.5% stake in the team for $682 million, granting them controlling interest and operational authority. Simultaneously, the Angelos family would retain the remaining 60.5%, relinquishing involvement in team management decisions.
Second Phase: Following Peter Angelos’s eventual passing at the age of 94 in 2023, Rubenstein’s group would acquire the remaining 60.5% for $1.043 billion. This stage would also include the transfer of ownership of MASN, the regional sports network broadcasting Orioles and Washington Nationals games. The Orioles own 75% of MASN, with the Nationals holding the remaining 25%.
Rubenstein’s investment team comprises notable Maryland figures who share his passion for the Orioles:
Cal Ripken Jr.: The Hall of Fame shortstop and third baseman, renowned for his 21 seasons with the Orioles and holding the record for consecutive games played at 2,632.
Mike Arougheti: Co-founder and CEO of Ares Management, a global alternative investment manager with over $240 billion in assets under management.
Kevin Plank: Founder and executive chairman of Under Armour, a Baltimore-based sports apparel and footwear company.
Wes Moore: CEO of Robin Hood, a New York-based anti-poverty organization, best-selling author, social entrepreneur, Rhodes Scholar, and decorated Army veteran.
Implications of Rubenstein’s Ownership for the Orioles
Rubenstein’s ownership is poised to bring positive transformations to the team, its fanbase, and Baltimore:
Stability and Leadership: Ending years of uncertainty surrounding the Angelos family, Rubenstein’s committed ownership brings stability and seasoned leadership to the team.
Financial Boost: The deal injects fresh capital, offering the potential to enhance the team’s performance, competitiveness, and overall financial standing.
Fan Engagement: Aiming to reconnect with the fan base, Rubenstein and partners seek to revitalize the fan experience. Potential upgrades to the Camden Yards ballpark and increased exposure through the MASN network are on the agenda.
Community Impact: Rubenstein’s influence and resources are expected to support economic, social, and cultural development in Baltimore and Maryland. Partnerships with local entities will address community challenges, fostering a sense of pride and connection.
Conclusion
David Rubenstein’s agreement to acquire the Baltimore Orioles for $1.725 billion marks a significant shift in ownership, potentially ending the 31-year reign of the Angelos family.
A lifelong Orioles enthusiast, Rubenstein’s ownership, pending MLB approval, could bring financial stability, strategic vision, and a renewed fan experience to the team. With a commitment to community impact, the acquisition holds promise for the Orioles, their supporters, and the city of Baltimore.