After nearly three decades under the control of the Angelos family, the Baltimore Orioles are set to embark on a new chapter with a change in ownership. Multiple reports on Tuesday revealed that John Angelos has agreed to sell the Orioles to a group led by Carlyle Group Inc. co-founder David Rubenstein. This transaction, reported to be valued at $1.725 billion, marks a significant shift in the team’s management and offers the promise of a fresh start for the franchise.
Taking the reins as the team’s controlling owner, David Rubenstein emerges as a prominent figure in the Orioles’ new ownership group. A Baltimore native, Rubenstein has garnered recognition as a co-founder of Carlyle Group Inc. Additionally, he has assembled an investment team that includes Ares co-founder Michael Arougheti. Rubenstein’s deep-rooted ties to the city and his extensive experience in the business world position him well to guide the Orioles into the future.
While the agreement between John Angelos and David Rubenstein’s group is a significant step, it is important to note that Major League Baseball still needs to approve the sale. A vote by at least 75% of the 30 Major League teams is required for the sale to proceed. The owners are scheduled to convene in Orlando, Florida, next week, where they will deliberate on the matter. The sales approval process, traditionally spanning several months, will test the patience of fans eagerly awaiting the confirmation of the Orioles’ new ownership.
For nearly 30 years, the Angelos family has held the reins of the Orioles, with Peter Angelos purchasing the team in 1993 for $173 million. However, due to Peter’s battle with dementia, his son, John Angelos, assumed the role of the team’s chair and managing partner in 2020. Now, with the impending sale, the Angelos family’s era on the Orioles’ throne draws to a close.
Under the new ownership, the Orioles have recently solidified their commitment to their home stadium, Camden Yards. A deal with the Maryland Stadium Authority ensures the team’s presence at the iconic venue for at least the next 15 years, with potential for a 30-year extension. This stability provides a firm foundation upon which the new ownership can build and dials up anticipation for what lies ahead.
Despite enduring a few tumultuous seasons, the Orioles offer reasons for optimism. Coming off a 101-win season and their first American League East title since 2014, the team’s resurgence is evident. Moreover, with rising stars like Adley Rutschman and Gunnar Henderson, along with the prospect of Jackson Holliday’s arrival, the Orioles possess a promising young core.
However, one area that has caused consternation among fans is the club’s payroll, which has remained relatively low. The lack of significant offseason moves has also raised concerns. If the new ownership group can rally behind Baltimore’s young talent and commit to investing in payroll, the Orioles could enter a sustained period of contention.
As the Orioles transition to new ownership, it is worth reflecting on their past. When Peter Angelos took control of the team, Camden Yards ushered in a new era of baseball stadiums, setting the stage for a prosperous period. The Orioles capitalized on this momentum, winning the division in 1997 behind a roster filled with future Hall of Famers such as Cal Ripken, Roberto Alomar, Mike Mussina, and Harold Baines.
Unfortunately, a prolonged postseason drought followed until 2012 when the Orioles underwent a renaissance under manager Buck Showalter. However, subsequent rebuilding phases led to grim seasons in 2018, 2019, and 2021, marred by losses and a lack of success. The ongoing COVID-19 pandemic only interrupted the team’s struggles during the 2020 shortened season.
The sale of the Baltimore Orioles to David Rubenstein and his group marks the beginning of a new era for the franchise. With a promising young core and a potential window of contention, the future looks bright for the Orioles. As fans eagerly await the final approvals and anticipate the impact of the new ownership, hope and excitement surround the team. It is a momentous time of transition for the Orioles, and the Baltimore community eagerly embraces the possibilities that lie ahead.
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