Major League Baseball has approved David Rubenstein's bid to purchase the Baltimore Orioles from the family of the late Peter Angelos following unanimous vote in the affirmative by clubs. The sale is expected to be finalized later on Wednesday.
Commissioner Rob Manfred released the following statement through the league after the approval became official:
"On behalf of Major League Baseball, I thank the Angelos family for their many years of service to the game and the communities of Baltimore. Peter Angelos loved Baseball, loved Baltimore and was an important part of MLB for more than three decades.
"I congratulate David Rubenstein on receiving approval from the Major League Clubs as the new control person of the Orioles. As a Baltimore native and a lifelong fan of the team, David is uniquely suited to lead the Orioles moving forward. We welcome David and his partners as the new stewards of the franchise."
In January, Rubenstein, a Baltimore native, agreed to purchase the club from the Angelos family for a reported sum of $1.725 billion. Rubenstein's estimated worth is around $3.7 billion, according to Forbes. He's a co-founder of The Carlyle Group, a private equity firm. Rubenstein and lead co-purchaser Mike Arougheti will initially acquire a 40% stake in the club. That stake, by mutual agreement, is expected to grow significantly via a subsequent acquisition that Drellich notes will not be approved by Opening Day. Rubenstein will be the lead presence in the new ownership group, which also includes Orioles legend and Hall of Famer Cal Ripken Jr.
"Owning a team that's in your hometown that you watched growing up is great," Rubenstein told The Athletic, "I feel a little trepidation because if the team does well, and I expect it will given the great roster and great players coming up, I feel like I don't deserve any of the credit, because I didn't have anything to do with putting the team together. … I haven't done anything yet."
Peter Angelos first purchased the Orioles for $173 million in 1993, buying the club from venture capitalist Eli Jacobs. Peter became incapacitated in recent years, which led to his son John becoming the public face for club ownership. Peter Angelos recenty died at the age of 94.
The Orioles are coming off a 2023 season in which they won 101 games and claimed their first American League East title since 2014. Despite John Angelos' unwillingness to spend at levels befitting a contender, the Orioles' impressive core of young talent should keep the team in the mix for the postseason for seasons to come. No doubt, the hope among Orioles fans is that Rubenstein's ownership lead to greater investment in the on-field product.
