US lawyer Peter Angelos and his family are reportedly finalizing the sale of the Baltimore Orioles Major League Baseball franchise to a sports investment consortium headed by US businessman David Rubenstein.
Rubenstein, who co-founded the Carlyle Group private equity fund, is said to be heading up a consortium that also includes Michael Arougheti, co-founder, chief executive, president, and director of the Ares Management private equity firm.
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Iconic Orioles player Cal Ripken Jr. is also reportedly set to feature as part of the team's new ownership group.
The sale, rumored to be priced at around $1.72 billion, will see Angelos and his family divest from the team that he helped purchase for a then-record $173 million in 1993.
Angelos, who stepped back from the team in 2019 amid health issues, contributed $40 million of the $173 million purchase and became the principal owner, chair, and managing partner of the team, a role which his son John Angelos now occupies.
The incoming consortium will take an initial 40% stake in the side from the Angelos family and will purchase the remainder of the family’s interest upon the passing of Peter Angelos, who is 94 years old and has “advanced dementia”, according to a recent legal filing.
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By GlobalDataThe deal was likely structured as such to sidestep capital-gains taxes on the selling Angelos family, which would be incurred if they sell the entirety of their stake while he is alive.
In February, the same filing pre-empted the potential sale of the club, with Peter Angelos’ younger son Louis alleging that his brother John had been abusing their father’s finances and was looking to either relocate or sell the team.
The Orioles have one of the lowest payrolls in the league and are consistently among its lowest spenders, with John Angelos often courting controversy for his stance on the current ownership’s inability to financially compete with the richest teams, a fact that has meant the club has now gone over 40 years without winning the World Series.
In 2023, it also looked as if the Orioles were set to depart their Camden Yards ballpark until a new, last-minute, 30-year lease on the stadium was agreed with the Maryland Stadium Authority.
The lease extension also comes with provisions to redevelop Camden Yards’ surrounding areas, as well as the enhancement of the ballpark’s facilities, which will serve as a boon to the team’s prospective new ownership group.
