In a significant development, the chair and managing partner of the Baltimore Orioles, John Angelos, has agreed to sell the team to a group led by Baltimore native David Rubenstein. The investment group, which includes New York businessman Michael Arougheti and prominent Maryland leaders, philanthropists, and sports legends, values the team at $1.725 billion. Orioles legend Cal Ripken Jr. is confirmed to be part of this illustrious group.
- Buyer Profile:
- David Rubenstein, a Baltimore native with a net worth of nearly $4 billion, co-founded the Carlyle Group, one of the world’s largest private equity firms.
- Michael Arougheti, co-founder and CEO of Ares Management, a credit-oriented alternative investment firm, with a net worth of $1.8 billion.
- Deal Structure:
- The deal involves Rubenstein and Arougheti initially owning about 40% of the team.
- They will acquire John Angelos’ remaining stake following the passing of Peter Angelos, the current majority owner who has owned the Orioles since 1993.
- Approval Process:
- The deal’s timeline is yet to be determined, but it will require approval from MLB owners.
- MLB owners are expected to convene in Orlando next week for their annual meeting.
- Ownership Transition:
- Peter Angelos, aged 94, has owned a majority stake in the Orioles, but his declining health and advanced dementia have led to his son, John, being the designated “control person.”
- Peter Angelos intended for the team to pass to his wife, Georgia, and for her to decide on its sale upon his death.
- Financial Implications:
- The deal structure considers potential capital gains taxes amounting to hundreds of millions of dollars for the Angelos family if the sale occurs before Peter’s death.
- MASN Ownership:
- The Angelos family also owns a majority stake in the Mid-Atlantic Sports Network (MASN), and it is unclear how the sale could impact this agreement.
- David Rubenstein’s Local Ties:
- Rubenstein, known for his philanthropy, has deep ties to the region, contributing millions to community projects, including donations to the National Zoo and Johns Hopkins.
- Cal Ripken Jr.’s Involvement:
- Orioles legend Cal Ripken Jr., a Maryland native and baseball icon, is part of the investor group.
- Ripken, also known as baseball’s Iron Man, played his entire 21-season career with the Orioles.
This potential ownership change comes as the Orioles are set to face the Los Angeles Lakers, and the deal could have significant implications for the team’s future.
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