Current:Home > reviewsReport: Baltimore Orioles set for $1.725 billion sale to David Rubenstein, Mike Arougheti -Elite Financial Minds
Report: Baltimore Orioles set for $1.725 billion sale to David Rubenstein, Mike Arougheti
View
Date:2025-04-15 23:29:30
David Rubenstein turned a private equity fortune into a reputation as one of Washington's powerhouse philanthropists. Now, it appears his next charity act will be the Baltimore Orioles' long-diminished payroll.
Rubenstein, co-founder of the Carlyle Group, has agreed to purchase the Orioles from the Angelos family for $1.725 billion, Puck News reported Tuesday.
Rubenstein will be joined in his ownership bid by a fellow private equity mogul, Ares Management co-founder Mike Arougheti, Puck reported. Yet it is Rubenstein, 74, with a net worth estimated at $3.7 billion, who will provide the biggest financial muscle behind the proposed purchase.
If approved by Major League Baseball and its 29 other owners, Rubenstein, a Baltimore native, will land a sports franchise after exploring bids for the Washington Commanders — sold to a group led by Josh Harris — and Nationals, who remain for sale with no viable offer still in sight.
It would end a 31-year ownership by the Angelos family, which led by patriarch Peter Angelos purchased the Orioles for $173 million in 1993. With Angelos, 94, in failing health, son John Angelos has taken over as the club's control person to MLB, after a protracted family battle that pitted John and his mother Georgia against John's brother, Louis.
HOT STOVE UPDATES: MLB free agency: Ranking and tracking the top players available.
Puck reported that Rubenstein plans to purchase a 40% stake in the club until the elder Angelos' death, after which the new owners will purchase the remainder. MLB owners are scheduled for a quarterly meeting in Orlando, Florida, next week; any approval of the sale likely would not come until the following quarter, after significant due diligence by the league.
The Orioles never advanced to a World Series under the Angelos reign, but after three 100-loss seasons in four years from 2018-2021, they won 101 games this past season and captured their second American League East title since 1997.
Are the Orioles leaving Baltimore?
John Angelos complained in a New York Times interview in August that he would have to vastly increase prices to afford retaining the Orioles' gaggle of young stars, and also put off extending the club's lease at Camden Yards in hopes of developing a multi-use development near the stadium that ushered in a ballpark renaissance in the '90s.
With an end-of-year deadline looming, the team and state finalized a 30-year lease on Dec. 18, but plans to develop areas around Camden Yards were at least temporarily tabled; the club has an out clause after 15 years if the team does not receive state approval to develop areas around the stadium.
Now, it appears there will be a new beginning for franchise and ownership.
Rubenstein stepped down as chairman of the Kennedy Center on Monday, agreeing to stay on until a successor is found to follow his 27-year reign, during which he donated $111 million to the national cultural arts center.
"I am 74 years old," Rubenstein said Monday, per the Washington Post, "an age which is too young to be president of the United States, but generally considered to be old enough for other things.”
Such as building upon the Orioles' success. With Rookie of the Year infielder Gunnar Henderson, All-Star catcher Adley Rutschman and the consensus best farm system in the game, Baltimore's on-field future is extremely bright.
And there's a clean sheet to work with: Baltimore's 2023 payroll was $60.7 million, with only the relocating Oakland A's expending less money. With several players receiving raises through arbitration, that figure will balloon north of $80 million in 2024, though it will still easily rank in MLB's bottom third.
In a few months, the club's pockets could be that much deeper.
veryGood! (76248)
Related
- Meta releases AI model to enhance Metaverse experience
- Judge tosses Republican lawsuit that sought to declare Arizona’s elections manual invalid
- Roaring Kitty is back. What to know about the investor who cashed in on GameStop in 2021
- Jimmy Fallon has hosted 'The Tonight Show' for 10 years. Can he make it 10 more?
- See you latte: Starbucks plans to cut 30% of its menu
- Comcast unveils streaming bundle that includes Apple TV+, Peacock and Netflix
- Remains of missing South Carolina mother last seen in December found in wooded area
- Isla Fisher Breaks Silence With Personal Update After Sacha Baron Cohen Breakup
- NHL in ASL returns, delivering American Sign Language analysis for Deaf community at Winter Classic
- Military hearing officer deciding whether to recommend court-martial for Pentagon leaker
Ranking
- Juan Soto to be introduced by Mets at Citi Field after striking record $765 million, 15
- Parishioners subdue armed teenager at Louisiana children’s service
- Remains of missing South Carolina mother last seen in December found in wooded area
- Heart, determination and heavy dose of Jalen Brunson move Knicks to brink of conference finals
- The 401(k) millionaires club keeps growing. We'll tell you how to join.
- 'Golden Bachelorette' has been revealed! Fan-favorite Joan Vassos gets second chance at love
- Ohio police fatally shoot Amazon warehouse guard who tried to kill supervisor, authorities say
- Problems with federal financial aid program leaves many college bound students in limbo
Recommendation
Off the Grid: Sally breaks down USA TODAY's daily crossword puzzle, Hi Hi!
Katy Perry Reacts After Daughter Daisy Calls Her by Stage Name
TikTok content creators sue the U.S. government over law that could ban the popular platform
Dan Schneider Reacts After All That's Lori Beth Denberg Says He Preyed On Her
Krispy Kreme offers a free dozen Grinch green doughnuts: When to get the deal
Alice Munro, Nobel laureate revered as short story master, dies at 92
More geomagnetic storms remain likely for today as sun continues to erupt X-class flares
70 years ago, school integration was a dream many believed could actually happen. It hasn’t