As news started flooding the Birdland X-sphere, Baltimore started to exhale a sigh of relief.
A wind picked up information about John Angelos (acting CEO) selling the Baltimore Orioles to an investment group led by David Rubenstein and Mike Arougheti.
While information is still coming out, let’s dive into what we do know on this huge night for Charm City.
The Buyers
David Rubenstein is the founder of the Carlyle Group, a private equity firm in control of billions of dollars worth of properties. He has been tied to the sale of the Orioles for months, including lunches and private meetings with John Angelos.
Rubenstein, a Baltimore native and Maryland resident, has a net worth of nearly $4 billion and is one of the 800 richest people in the world, according to Forbes.
Mike Arougheti is the co-founder of the Ares Management Group, another private equity firm for credit-alternative investing, with billions of dollars of assets. Arougheti hails from New York and has been a part of merger and acquisitions for multiple companies, as well as overseeing finance and investments.
Orioles legend Cal Ripken Jr. is part of the group, one source confirmed to The Baltimore Banner.
The Sale
The sale, as agreed upon, has the Orioles being purchased for $1.725 billion and will make David Rubenstein the control person, term used by MLB. Currently, it is unknown how involved Arougheti will be, but he is part of the purchasing group.
The sale will be for 40% control of the team until the passing of current primary owner Peter Angelos, who has been ill for the last few years, leaving him incapacitated, which led to John Angelos taking over.
Angelos originally purchased the Orioles back in 1993 from Eli Jacobs. The sale was for $173 million after Angelos won the team in bankruptcy court.
The owners will receive information pertaining to the sale at the annual meetings in Orlando, Florida, next week. While the details of the sale will be revealed to MLB and the owners, a timetable to complete the sale has not been disclosed.
Back in the beginning of December, it was reported by Bloomberg News that David Rubenstein was in initial talks to purchase the Orioles.
The Baltimore Battery has been following this story closely and will continue to do so as more information is released. We will update this piece as we discover more information about this sale.
UPDATE: According to Jeff Barker of The Baltimore Sun, MASN is included in a deal to transfer to Rubenstein. There isn’t a change in the structure as of yet between the Orioles and Nationals.
Sources are also confirming that former NBA star Grant Hill, former New York mayor Michael Bloomberg and former Baltimore mayor Kurt Schmoke are part of David Rubenstein’s Orioles investment group. Other members of the partnership group include Mitchell Goldstein, Michael Smith Michele Kang.
A spokesperson for David Rubenstein confirms Rubenstein will become the control person of the Orioles. John Angelos will become a senior adviser for the Orioles organization, and the family will continue as a major investor.
“We had the objective of restoring the franchise to elite status in major league sports and revitalizing our partnership group,” John Angelos said in a statement Wednesday. “This relationship with David Rubenstein and his partners validates that we have not only met but exceeded our goals.”
In a statement, Rubenstein says, “I am grateful to the Angelos family for the opportunity to join the team I have been a fan of my entire life. I look forward to working with all the Orioles owners, players and staff to build upon the incredible success the team has achieved in recent seasons. Our collective goal will be to bring a World Series Trophy back to the City of Baltimore. To the fans I say: we do it for you and can’t do it without you. Thank you for your support. Importantly, the impact of the Orioles extends far beyond the baseball diamond. The opportunity for the team to catalyze development around Camden Yards and in downtown Baltimore will provide generations of fans with lifelong memories and create additional economic opportunities for our community.”
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