The sale of the Baltimore Orioles is one step closer to being finalized. On Friday, the MLB Ownership Committee recommended approval of the sale to David Rubenstein. While the recommendation has not been announced officially, this approval is a key step in the sale process. Next, the Orioles sale will be brought to a vote for all MLB owners before the sale becomes official.
At least 22 of the other 29 owners must vote to approve the sale before it becomes official. Voting could happen within the next few weeks, occurring virtually instead of at July’s in-person owners meeting. The Orioles sale is expected to receive a favorable vote.
Last month, Commissioner Rob Manfred said he wanted to get the deal finalized “as quickly as possible.” The fact that the sale, first announced in January, has flown through the process so quickly is a good sign. After the sale was announced, it was reported that it may not be finalized until the All-Star break. Now, sources familiar with the sale expect it to become official by April, but it could be finalized before Opening Day.
MLB Ownership Committee Approves Orioles Sale
After years of speculation, the Angelos family agreed to sell the Orioles franchise to a private equity group led by Baltimore native David Rubenstein. Peter Angelos has been the majority owner of the Baltimore Orioles since purchasing the team in 1993. Angelos, now 94 years old and in poor health, has clarified that he wants his family to sell the team when he passes. Orioles chief executive John Angelos appears to be honoring his father’s wishes by agreeing to sell the team to Rubenstein.
Rubenstein’s group agreed to purchase a 40% stake in the Orioles franchise from John Angelos. The sale also includes a majority stake in the Mid-Atlantic Sports Network (MASN). The private equity group will purchase the remaining shares after Peter Angelos passes. After the sale, John Angelos will remain a senior advisor and retain a 30% ownership stake. The sale values the Orioles franchise at $1.725 billion. Assuming the sale is approved, David Rubenstein will become the new control person of the Baltimore Orioles.
Who is David Rubenstein?
Rubenstein made his fortune as a co-founder of The Carlyle Group, one of the world’s largest private equity firms. A long-time Orioles fan, Rubenstein has been in Sarasota for spring training with the team he will soon control. The new ownership group, which includes Orioles legend Cal Ripken Jr., seems to be buying the team at the perfect time. Baltimore clinched their first division title in nearly a decade last season, ending a six-year postseason drought. The Orioles also finalized a 30-year lease agreement for Camden Yards with the State of Maryland in December.
When news broke of the sale, Rubenstein excited fans by saying his goal was to bring a World Series trophy back to Baltimore. With one last step in the approval process, Rubenstein’s quest to bring the World Series back to Baltimore may just be weeks aways.
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