Carlyle Group co-founder David Rubenstein Secures Deal to Acquire Baltimore Orioles for $1.7 Billion, realizing a lifelong dream. Joining forces with Cal Ripken Jr., a new era begins in MLB.
Renowned private equity billionaire and Carlyle Group co-founder, David Rubenstein, has finalized an agreement to acquire the Baltimore Orioles baseball club from the Angelos family for a staggering sum of just over $1.7 billion. The deal, first reported by Puck and later confirmed by Axios, is poised to bring a new era for the Orioles and marks a significant milestone in Rubenstein’s lifelong dream of owning a major league baseball team.
Key Details of the Deal:
- Control Ownership: Rubenstein is set to become the control owner of the Baltimore Orioles, according to reliable sources familiar with the situation. This role positions him as the principal decision-maker and leader of the team’s ownership group.
- Minority Partners: Joining Rubenstein as minority partners in the Orioles’ ownership group are expected to be baseball legend Cal Ripken Jr. and Ares Management co-founder Mike Arougheti. The group will also include various Maryland leaders and philanthropists, creating a diverse and influential ownership structure.
- Initial Stake: The ownership group will initially acquire just under 40% of the club, with the remaining 60% to be secured following the eventual passing of Peter Angelos. The 94-year-old patriarch acquired the Orioles in 1993 for $173 million, making it an all-time record at that time.
- MASN Relationship: At least initially, there are no anticipated changes to the Orioles’ relationship with MASN, the regional sports network that broadcasts both Orioles and Washington Nationals games. The Orioles currently hold a three-fourths stake in MASN, with the Nationals owning the remaining quarter.
- League Approval: The completion of the deal is contingent on approval from other Major League Baseball (MLB) owners. Once approved, Rubenstein’s ownership will signal a new chapter for the Orioles.
- Rubenstein’s Dream Realized: For Rubenstein, a Baltimore-native, this acquisition represents the realization of a lifelong dream. While he had been linked to groups eyeing the Washington Nationals in the past, owning the Orioles was always his top priority.
Conclusion:
The acquisition of the Baltimore Orioles by David Rubenstein for over $1.7 billion marks a significant moment in both the baseball world and Rubenstein’s personal journey. Pending league approval, Rubenstein’s vision for the Orioles, coupled with the support of influential partners, is poised to reshape the future of this historic baseball franchise. As private equity continues to make its mark on professional sports, Rubenstein’s ownership is set to bring fresh perspectives and opportunities for the Orioles and their devoted fan base.
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