John Angelos has agreed to sell the Baltimore Orioles to a group led by Carlyle Group Inc. co-founder David Rubenstein, according to multiple reports Tuesday.
The transaction reportedly values the Orioles at $1.725 billion.
Rubenstein, a Baltimore native, reportedly will take over as the team’s controlling owner. He’s assembled an investment team that includes Ares co-founder Michael Arougheti.
Major League Baseball still must approve the sale. Owners are scheduled to meet next week in Orlando, Florida.
The Angelos family has been in control of the Orioles since 1993, when Peter Angelos purchased the team for $173 million. Angelos’ son John has been the team’s chair and managing partner since 2020, as Peter suffers from dementia.
The Orioles recently finalized a deal with the Maryland Stadium Authority to remain at Camden Yards for the next 15 years, with a path to expand the commitment to 30 years.
Rubenstein previously had shown interest in buying the Washington Nationals.
Prior to forming Carlyle in 1987, he practiced law in Washington. From 1977-81, he was a deputy assistant for domestic policy to President Jimmy Carter. After graduating from Duke in 1970, he attended University of Chicago Law School.
Information from Field Level Media was used in this report.