Baltimore Orioles Set to Be Sold to Group Led by Private Equity Billionaires, per Report
The Baltimore Orioles are expected to have new owners in the near future.
According to a report from John Ourand at Puck News, current owner John Angelos has agreed to sell the team to a group led by billionaires David Rubenstein and Mike Arougheti.
The deal values the Orioles at $1.725 billion. Per Ourand, Rubenstein’s group will start out with a 40% ownership stake, and purchase the rest of the Angelos’ stake in the franchise upon the death of family patriarch Peter Angelos.
The Angelos family bought the Orioles in 1993. After enjoying a brief run of success to start their tenure as owners, Baltimore struggled from the turn of the millennium onward, reaching the playoffs just three times from 1998–2022.
Last season, the Orioles were able to flip the script a bit, rallying around a young core including the likes of Adley Rutschman and Gunnar Henderson to win the American League East for the first time since 2014, and reaching 100 wins for the first time since 1980.