Reports: Orioles to be sold to 2 private equity billionaires

John P. Angelos has agreed to sell the Baltimore Orioles to private equity billionaires David Rubenstein and Mike Arougheti, according to multiple reports Tuesday.

The transaction reportedly values the Orioles at $1.725 billion.

Rubenstein, a Baltimore native, had previously shown interest in buying the Washington Nationals. He and the New York-based Arougheti are both founders of private equity firms, the Carlyle Group and Ares Management Corp., respectively.

Major League Baseball still must approve the sale. Owners are scheduled to meet next week in Orlando, Florida.

John P. Angelos has been the team’s chair and managing partner since 2020, as his father suffers from dementia.

The Orioles recently finalized a deal with the Maryland Stadium Authority to remain at Camden Yards for the next 15 years, with a path to expand the commitment to 30 years.

READ MORE:

The Orioles are about to have a new owner. Here’s what changes we’d like to see.

Crack open a Boh. We could be in for a city holiday.

The Banner is reporting that the Angelos family is on the cusp of selling the franchise to a group of big-money owners led by Baltimore native David Rubenstein.

It would put a period on a 31-year era of Angelos ownership, which has seen just six playoff appearances and a lot of forgettable seasons. While the franchise just had its best season in years in 2023, the shadow of John Angelos — who raised blood pressure by dragging out a stadium lease process and perhaps being a little too frank in an interview with the New York Times — has loomed over the team’s future.

While it’s impossible to know how Rubenstein, who made a fortune in private equity and is well-known for backing various civic projects in Washington, D.C., will function as an owner, change naturally brings in a fresh wind of optimism.