Baltimore, MD – The Angelos family, principal owner of the Major League Baseball (MLB) franchise, the Baltimore Orioles, has reached an agreement to sell a majority stake to Baltimore investor and philanthropist David M. Rubenstein for US$1.725 billion . The Angelos family will remain shareholders of the Orioles, and John Angelos will serve as senior advisor to the organization. The sale is subject to the review and approval of the MLB Owners Committee and the full approval of MLB club owners.
Rubenstein is a co-founder of Carlyle Group Inc. and will become the Controlling Owner of the Orioles once the sale is complete.
Rubenstein will acquire the team along with investors Michael Arougheti, co-founder and CEO of Ares Management; Mitchell Goldstein and Michael Smith, co-directors of Ares Credit Group; Cal Ripken, Jr., Orioles legend and member of the Major League Baseball Hall of Fame; Kurt Schmoke, former mayor of Baltimore; Grant Hill, NBA Hall of Fame; Mike Bloomberg, businessman and philanthropist; Michele Kang, business leader; and other investors.
The Angelos family has had control of the Orioles since 1993. In that year, Peter Angelos acquired the club for $173 million. Angelos’ son John is the current chairman of the board of directors. The team recently reached a new lease agreement for Camden Yards.
The Orioles are coming off a season in which they achieved 101 wins. They won the American League East Division title, something they had not achieved since 2014.
With talented youngsters like Adley Rutschman and Gunnar Henderson – and highly-rated prospect Jackson Holliday – the future looks bright for a team that last won the World Series in 1983.
The Angelos family will remain majority shareholders of the Orioles once the sale is complete. “Personally, I am committed to helping David and his partners take the franchise to the next level,” Angelos stated. “We believe this transaction is big for Major League Baseball and big for the city of Baltimore and Maryland. We are very grateful to the fans and supporters of the O’s as we achieve that important goal – and who will be with us celebrating the success ahead.”
David M. Rubenstein said, “I thank the Angelos family for the opportunity to join the team that I have been a fan of my entire life. I look forward to working with all Orioles partners, players and staff to try to build on the success the team has had in recent seasons. Our joint goal will be to bring a World Series trophy back to the city of Baltimore. To the fans I say: we do it for you and we can’t do it without you. Thanks for your support”.
Source: Las Mayores
2024-02-01 13:25:00
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