Baltimore, Maryland – Baltimore native David Rubenstein, a co-founder of the private equity firm the Carlyle Group, is in the final stages of acquiring a majority stake in the Orioles, a sports franchise he has long been pursuing. Rubenstein, along with a group of investors, has reached an agreement to purchase a 40 percent stake in the team, marking a significant development in the ownership of the local sports team.
The deal, valued at $1.7 billion, would see the Rubenstein-led group initially acquiring 40 percent of the Orioles, with an option to purchase the remaining 60 percent at a later date. While the existence of this agreement has not been confirmed by the Angelos family or the Orioles, three individuals familiar with the situation have revealed details under the condition of anonymity.
Rubenstein’s investment group reportedly includes Michael Arougheti and Orioles legend Cal Ripken Jr. If the deal is finalized, Rubenstein would become the Orioles’ “control person,” a significant position within Major League Baseball.
The agreement, however, is still pending approval from Major League Baseball’s owners, with a smaller committee overseeing due diligence on financing and logistics. While the process is ongoing, the potential sale could also impact the broadcasting rights for Orioles and Washington Nationals games, as well as arrangements with the Mid-Atlantic Sports Network.
The Orioles are the only professional sports team with television rights to two franchises, and their current ownership has never indicated any willingness to relinquish this unique distinction. Despite ongoing legal disputes, Rubenstein’s potential ownership of the Orioles could bring about significant changes to the longstanding agreements concerning television rights.
With Rubenstein’s background as a co-founder of Carlyle and a prominent Washington philanthropist, his involvement in potential ownership of the Orioles comes with notable implications for both the team and local sports programming. Despite the complexities and legal considerations surrounding the potential sale, the Orioles’ future under Rubenstein’s ownership is sure to generate significant interest and speculation.