As Birdland rejoiced in the news that broke on January 30, 2024, excitement was filling the airwaves as the new owners’ of the Baltimore Orioles identity was being reported.
Primary owner David Rubenstein is leading a team composed of Michael Arougheti, Cal Ripken Jr., former NBA star Grant Hill, former New York Governor and media mogul Michael Bloomberg, former Baltimore mayor Kurt Schmoke, among others.
The deal still is pending approval from Major League Baseball and MLB team owners, but that seems like a minor hurdle in finalizing this deal. Currently there is no timetable of completion of the sale.
New ownership will obtain 40% of the team, with Rubenstein being the control man. The remaining percentage will be obtained after the passing of current principal owner, Peter Angelos.
Of course, as the dust is settling, many Orioles fans are wondering who exactly David Rubenstein is. Well, let’s get to know Mr. Rubenstein a bit better.
Rubenstein was born August 11, 1949, and grew up as an only child in the city of Baltimore. He graduated from Baltimore City College before attending Duke University. After graduating magna cum laude with a Bachelor of Arts in Political Science, Rubenstein would attend University of Chicago Law School, where he received his Juris Doctor.
Rubenstein spent 1973-1976 practicing law, first out of New York and then becoming the chief counsel to the US Senate Committee. This launched his foray into politics, where he served as deputy domestic policy advisor for Jimmy Carter, followed by a private practice in Washington, D.C.
In 1987, Rubenstein helped found the Carlyle Group, a global investment firm with over $293 billion of assets under management. The Carlyle Group has 31 offices across six continents and has over 1,800 employees.
Rubenstein also hosts two shows on Bloomberg Television, The David Reubanstein Show: Peer to Peer Conversations and Bloomberg Wealth with David Reubanstein. He also hosts History with David Reubanstein on PBS, produced by the New York Historical Society, which also produces his audio podcast, “For the Ages.”
Rubenstein, who is on the Forbes World 800 Billionaires List, was married to Alice Rogoff from 1983-2017, and they have three children together.
The Baltimore native sits on numerous boards, including Johns Hopkins Medicine, Advanced Study Duke University, Kennedy Center Smithsonian, Council of Foreign Relations and Kettering Cancer Center, to name a few.
Originally, Rubenstein was linked to the Washington Nationals when the Lerner family was exploring a sale of the club. He was part of a group with Washington Wizards and Capitals owner, Ted Leonsis, but the deal never came to fruition.
It was announced by Bloomberg News in early December that Rubenstein had emerged as a potential buyer for the Orioles, as a lease agreement was being worked on and finalized. The sale, which has been reported to be for $1.725 billion, will be presented at the quarterly owners meetings next week in Orlando, Florida.
Upon his death, Peter Angelos has directed the family to sell the team. This has recently been settled in court, when documents were presented in the since-settled lawsuit. The deal includes an option for Rubenstein to purchase the remaining 60% when his passing occurs.
In order for the sale to go through, owners would have to approve the sale by a vote of at least 75%. This will be done after a subcommittee investigates the financials and logistics of the sale. It has not been reported if this process has started.
As for MASN, which holds the television rights to the Orioles and the Nationals, the agreement specifies: “In the event that either the Orioles, the Nationals or the RSN (regional sports network) are sold … all subsequent purchaser(s), assignees or transferees shall be unconditionally bound to all terms and conditions of this agreement.”
The agreement would then belong to the Rubenstein group, and he could decide to keep MASN, re-work the deal or even sell a portion of the rights.
In a statement made Wednesday, 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.”
As of now, the Orioles, Rubenstein and his representatives and Major League Baseball have all been unable to be reached for comment on the agreement. As more information is provided, we will provide those details and update this article.
What do you think of David Rubenstein and his group purchasing the Orioles? Let us know in the comments below! Make sure to follow The Baltimore Battery on Facebook, Twitter (X) and TikTok, and use the hashtag #baltimorebattery when sharing our content!
Like Stephen’s content? Follow him on X – @SRJHeckman, and listen to the official podcast of The Baltimore Battery, The Final Strike, anywhere you get your podcasts!
The Baltimore Battery 
Leave a comment