Orioles sold by Angelos family to two billionaires, per reports

Baltimore Orioles owner Peter Angelos and his family have reached an agreement to sell the baseball franchise, according to multiple reports.

Two sports news sites, Puck Media and Sportico, reported Tuesday night that the two purchasers are two private equity billionaires, David Rubenstein and Mike Arougheti.

Rubenstein will reportedly become the “control person” operationally, per Sportico. The transaction values the team at a reported $1.725 billion.

The Orioles finalized a deal with the State of Maryland late in 2023 that extends their lease at Camden Yards by 30 years, though there is a 15-year out if various development thresholds aren’t met.

The news of an Orioles sale will also reverberate in Washington, where the Lerner family has been shopping the Washington Nationals. One of the major obstacles to that deal is a TV rights agreement that gives the Orioles and their MASN network rights to carry Nationals games. Television rights are among the most lucrative revenue streams for baseball teams.

With Angelos out of the picture, it is possible the new owners could mediate an agreement that returns the rights to the Lerners and the purchasers of the Nationals.

Ted Leonsis, who owns the Wizards, Capitals and Mystics, was reportedly in the hunt to purchase the Nationals, at one point teaming up with Rubenstein on a bid.

Peter Angelos is 94 years old, and his son, John Angelos, has been running the team since 2020, though family acrimony has been the norm around the franchise over the past year as Angelos has reportedly slipped further into dementia.

The Puck News report said that the sale will not fully take place until the death of the elder Angelos, who purchased the team in 1993 for $173 billion. Until then, Rubenstein is only purchasing a 40% stake, though he will retain operational control.

MLB owners meet next week in Orlando and will be briefed on the proposed transaction.