BALTIMORE — The Angelos family has agreed to sell the Baltimore Orioles to a pair of billionaires, according to WJZ’s media partner The Baltimore Banner.
The sale agreement was initially reported by John Ourand from Puck News. He reported that the Orioles will be bought for $1.725 billion by billionaires David Rubenstein and Mike Arougheti.
Baltimore Banner sports reporter Andy Kostka said on X, the social media site formally known as Twitter, that the group of billionaires included “Maryland leaders, philanthropists and sports legends.”
Two sources told the Banner that Rubenstein’s investment group includes Orioles legend Cal Ripken Jr., former NBA star Grant Hill, former New York mayor Michael Bloomberg and former Baltimore mayor Kurt Schmoke.
It even includes the Mid-Atlantic Sports Network, which broadcasts games of both the Orioles and Washington Nationals, according to the Baltimore Banner.
Ripken, who retired from baseball in 2001 following a 20-year career, is in the Baseball Hall of Fame. He was a 19-time MLB All-star, two-time MVP, two-time Gold Glove winner and helped the Orioles to the 1983 World Series championship.
He owns Major League Baseball’s record for consecutive games played with 2,632.
Ripken grew up in Harford County and was drafted by the Orioles in 1978. He made his Orioles debut in 1981.
Baltimore Mayor Brandon Scott expressed excitement over the deal announcement.
In December, Bloomberg News reported that Rubenstein was among those interested in purchasing the Orioles from the Angelos family.
Rubenstein, 74, was born in Baltimore, and he has a net worth of $4.6 billion, according to the Bloomberg Billionaires Index. He made his fortune in private equity.
“You’re talking about one of the most successful private equity billionaires in the world,” said Justin Birnbaum, who covers sports business for Forbes. “There’s a status symbol associated with it, and these guys love ‘playing in the toy box,’ I guess you could say.”
Maryland leaders reacted to the news Wednesday morning.
Gov. Wes Moore hopes the future of the Orioles has a World Series title in it.
“Regardless of this transaction, that will never change,” Moore said. “These are the Baltimore Orioles and they’re going nowhere.”
Peter Angelos, 94, is the Orioles’ majority owner. His son, John Angelos, is running the day-to-day operations.
The Angelos family has controlled the Orioles for almost as long as they’ve been in Camden Yards when Peter Angelos bought the team for $173 million in 1993.
John Angelos has been chairman since his father’s health declined years ago. Brothers John and Louis have battled over control of the family’s businesses in court. The dueling lawsuits have since been resolved.
In December, a new long-term lease agreement was approved that would keep the Orioles at Camden Yards.
“Governor Moore would like to thank the Angelos family for their contributions to the Orioles community and this storied franchise,” a statement from the governor’s office said. “Keeping the Orioles in Baltimore for the long term was a key priority for this administration and we are proud that this transaction won’t change that.”
State treasurer Dereck Davis said he felt John Angelos lied during the process.
“Nothing against the new owners, but I feel lied to. I feel misled,” Davis said. “It’s deeply disappointing and troubling that you could look your state in the eye and outright lie to us about your intention. We had a right to know.”
Pamela Wood, a reporter for our media partner the Baltimore Banner, reported that state leaders were not informed that Angelos was selling the team.
“The governor, the treasurer, the comptroller, they were not called or informed by John Angelos or the Orioles,” Wood said. “They found out the same way the rest of us did—in the news that the team was being sold.”
Rubenstein has powerful relationships, sitting down with CEOs and presidents. He hosted the president and first lady at his Nantucket home last Thanksgiving.
He is the longtime chairman of The Kennedy Center in Washington, D.C.
“I can’t say to how he’ll run the team, but I think it’s always a good recipe when a new owner has some sort of hometown tie or connection to the team,” Birnbaum said.
The Orioles are coming off a 101-win season, their best since 1980. They also made it to the playoffs, along with winning the American League East for the first time since 2014.
The team has a lot of young talent to showcase, led by Adley Rutschman, Gunnar Henderson, Jackson Holliday and Grayson Rodriguez.
Orioles fans have suggested that the new owners get to know the team’s supporters.
“The new owners, they need to get to know the fanbase a little bit,” Baltimore resident Austin Caufield said. “Come down to Pickles on opening day, see what it’s like.”
Caufield said he hopes the deal means that the Orioles won’t be going anywhere.
“What I’d like to say to the players is that we love you,” Baltimore resident Larry Wiczulis said. “We hope we can keep you as long as we possibly can, and I think with the new ownership and more money, more financial wherewithal, that we’ll be able to keep the players, keep the court here to build a dynasty here, and have multiple world championships in Baltimore.”
The Baltimore Banner reports that the timeline for the deal is still unknown and would need the approval of MLB owners who are expected to convene in Orlando next week.
