David Rubenstein’s purchase of the Baltimore Orioles was approved Wednesday by Major League Baseball owners, clearing the way for the Angelos family to finalize the sale after over three decades running the team.
Approval of 75% of all owners was required, and MLB said the vote was unanimous. It came the day before the team is scheduled to open the season at home against the Los Angeles Angels. Rubenstein and his investor group were expected to close the purchase later Wednesday.
“To own the Orioles is a great civic duty,” Rubenstein, a Carlyle Group Inc. co-founder, said in a statement. “On behalf of my fellow owners, I want the Baltimore community and Orioles fans everywhere to know that we will work our hardest to deliver for you with professionalism, integrity, excellence, and a fierce desire to win games.”
The Orioles scheduled a news conference for Thursday morning with Rubenstein and Maryland Gov. Wes Moore.
Angelos and his family took control of the Orioles in 1993, when Peter Angelos purchased the team for $173 million. Angelos’ health took a turn for the worse in recent years — he died Saturday at age 94 — and his son John has been the team’s chairman, CEO and control person since 2019.
“I thank John Angelos and his family for all they have done to bring us to this point,” Rubenstein said. “John led a dramatic overhaul of the team’s management, roster, recruitment strategy, and farm system in recent years. Our job is to build on these accomplishments to advance a world-class professional sports agenda — with eyes on returning a World Series trophy to Baltimore.”
Rubenstein’s group, which includes Cal Ripken Jr. and Grant Hill, reached an agreement in January to buy the Orioles for an evaluation worth $1.725 billion.
Rubenstein, a Baltimore native, formed Carlyle in 1987. Before that, he practiced law in Washington. From 1977-81, he was a deputy assistant for domestic policy to President Jimmy Carter.
The Orioles are coming off a 101-win season and their first AL East title since 2014. Hopes are high after the team acquired ace right-hander Corbin Burnes in a trade with Milwaukee. Young stars Adley Rutschman and Gunnar Henderson have performed like franchise cornerstones, and Baltimore has another top prospect still in the minors in Jackson Holliday.
With all of that cost-controlled talent, the team’s payroll remains meager, and the question is whether Rubenstein will be a more aggressive spender as the Orioles try to make the most of their opportunity to win a World Series for the first time since 1983.
Before the sale, the big off-season story for the Orioles was securing a long-term lease to stay at Camden Yards. That happened in December with a deal extending the lease for 30 years, with an option to end it after 15 if the team does not receive approval from state officials for development plans next to the stadium.
“Capping our organizational turnaround with a championship in perhaps the toughest division in sports, while fulfilling my pledge that the O’s would forever play ball in Charm City, dovetails perfectly with the privilege to now pass stewardship of Baltimore’s iconic team to a Baltimore native, passionate American, and celebrated philanthropist in David Rubenstein,” John Angelos said Wednesday. “The Orioles are in great hands, and the club, as well as the city and state that it calls home, are well positioned for success into the future.”
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