Orioles Owner Makes Vow, Announces Fresh Plan Forward for Team

David Rubenstein leads an ownership group that has agreed to buy the Baltimore Orioles from the Angelos Family.

The agreement to sell the Baltimore Orioles is now complete and the new majority owner made his first official statement on Wednesday.

A group led by David Rubenstein and Mike Arougheti, two private equity billionaires, has purchased the team from the Angelos family, led by John Angelos, for $1.725 billion. A press release touting the sale confirmed the valuation.

Major League Baseball and the league’s other 29 owners still need to approve the sale.

But assuming the sale is approved, Rubenstein, a long-time Orioles fan and co-founder of the private equity firm, The Carlyle Group, will be the person in control of the team. Arougheti is the co-founder of Ares Management Corp. and lives in New York.

The pair will inherit a team with a $73 million payroll entering the 2024 season but one of the most stocked rosters and farm systems in baseball as the franchise is coming off a 101-win season and an American League East title.

Offensively, the Orioles look set, with returning players at every position, including Rookie of the Year Gunnar Henderson at third base and Silver Slugger catcher Adley Rutschman. That doesn’t include No. 1 prospect Jackson Holliday, who is waiting in the wings, or the other five Top 100 prospects the Orioles have in their system, some of which are MLB-ready.

The pitching staff is led by Kyle Bradish, who finished in the Top 5 of Cy Young voting last year. The Orioles’ most significant free-agent addition was signing Craig Kimbrel to a one-year deal to close while Félix Bautista recovers from Tommy John surgery.

Rubenstein made his first official statement in a press release touting the sale.

“I am grateful to the Angelos family for the opportunity to join the team I have been a fan of my entire life,” Rubenstein said. “I look forward to working with all the Orioles owners, players and staff to build upon the incredible success the team has achieved in recent seasons. Our collective 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 can’t do it without you. Thank you for your support.

“Importantly, the impact of the Orioles extends far beyond the baseball diamond. The opportunity for the team to catalyze development around Camden Yards and in downtown Baltimore will provide generations of fans with lifelong memories and create additional economic opportunities for our community.”

The new ownership group will include Orioles legend Cal Ripken Jr. and will give Rubenstein and Arougheti control of 40 percent of the team. Once Peter Angelos, who bought the team in 1993, passes away, the new ownership team can buy the Angelos family out.

For now, the Angelos family will remain a major investor and John Angelos, who currently controls the team, will be a senior advisor. But Rubenstein will be in control.