The Angelos family has owned MLB’s Baltimore Orioles since purchasing the organization from Eli Jacobs back in October of 1993.
One of the most drama-filled tenures for a MLB ownership group is now set to come to an end. According to John Ourand of Puck, the Angeles family is selling the Orioles to a group led by two private equity billionaires.
Said group is headed by Carlyle Group founder David Rubenstein and Ares Management Corp co-founder Mike Arougheti. Rubenstein’s involvement in a potential purchase of the organization was previously reported by Sportsnaut.
All of this comes after reports of family drama behind the scenes. Baltimore Orioles owner Peter Angelos , 94, wanted the team sold after he ultimately passes away. His son, chairman and CEO John, wanted to keep the Orioles in the family. It appears that pops had final say here.
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The Orioles originally sold to the Angelos family back in 1993 for what was a then-record $173 million. At the time of this pending sell, Forbes values Baltimore as the 18th most-valuable MLB franchise at $1.7 billion.
The reported sale does not come close to matching the $2.4 billion Steve Cohen paid for the New York Mets back in November of 2020.
As for Rubenstein, he’s said to boast a net worth of $3.7 billion. In addition to being the founder of The Carlyle Group, he’s the chairman of the Kennedy Center for the Performing Arts, the National Gallary of Art, the Council on Foreign Relations and The Economic Club of Washington, D.C. He has degrees from Duke University and University of Chicago.