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Baltimore Orioles owner John Angelos selling team to private equity duo David Rubenstein and Mike Arougheti

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Orioles owner John Angelos has “agreed to sell the franchise” to a group led by two private equity billionaires — David Rubenstein, who started The Carlyle Group, hails from Baltimore and “has been tied to the deal for months;” and Ares Management Corp. co-founder Mike Arougheti. Rubenstein “will become the ‘control person,'” the term MLB uses for teams’ decision-makers. The deal values the club at $1.725B, and as part of the deal, the group “will start off owning about 40 percent of the club.” The group “will buy Angelos’ remaining stake following the death of Peter Angelos,” who has been “incapacitated for years by an illness.” MLB owners “will receive details of the sale at their annual meeting” in Orlando next week. And while Rubenstein and Arougheti have reached an agreement with Angelos, “there isn’t a timetable for the deal to close” (PUCK, 1/30).

Orioles legend and Baseball HOFer Cal Ripken Jr. “is part of the group,” a source confirmed, and MASN, which broadcasts games of both the Orioles and Nationals, is also “part of the acquisition.” A source said Rubenstein “has been telling his inner circle that he is going to buy the Orioles for some time.” In 2022, Rubenstein and Ted Leonsis, the owner of the Wizards, Mystics and Capitals, “considered a bid to buy the Nationals,” but the Lerners, who own the team, did not approve it (BALTIMORE BANNER, 1/30).

Peter Angelos bought the Orioles for $173M in 1993. Legal documents from 2022 revealed that the now-ailing owner “wished for the team to be sold following his death.” The Angelos family “would be subject to significant capital gains taxes if the team is sold before Peter Angelos’ death.” Angelos, 94, “has been in declining health for more than six years” (BALTIMORE SUN, 1/30).

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