The Baltimore Orioles will soon be under new ownership.Sources confirmed to 11 News that team chairman 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, who was reported to be involved in sale talks in December.The new ownership group will begin with a stake of at least 40%. Rubenstein would act as the “control” partner. The structure of the deal will allow the group to purchase the full 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 over team control from his father in 2019.Orioles legend Cal Ripken Jr. is part of the new ownership group, but it’s not yet clear what his role will be.The deal must be approved by Major League Baseball owners. They are scheduled to meet next week in Florida.11 News reached out to the Orioles. The team has not commented on the report.The sale is reportedly valued at $1.725 billion.Rubenstein, a Baltimore native, is co-founder of the Carlyle Group, a private equity firm based in Washington, D.C.This story will be updated.
The Baltimore Orioles will soon be under new ownership.
Sources confirmed to 11 News that team chairman 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, who was reported to be involved in sale talks in December.
The new ownership group will begin with a stake of at least 40%. Rubenstein would act as the “control” partner. The structure of the deal will allow the group to purchase the full 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 over team control from his father in 2019.
Orioles legend Cal Ripken Jr. is part of the new ownership group, but it’s not yet clear what his role will be.
The deal must be approved by Major League Baseball owners. They are scheduled to meet next week in Florida.
11 News reached out to the Orioles. The team has not commented on the report.
The sale is reportedly valued at $1.725 billion.
Rubenstein, a Baltimore native, is co-founder of the Carlyle Group, a private equity firm based in Washington, D.C.
This story will be updated.
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