Editor’s note: This article has been updated with statements from John Angelos and David Rubenstein on Wednesday afternoon.
News quickly spread Tuesday night that the Angelos family, who has owned the Orioles since 1993, has agreed to sell the team for $1.725 billion to a group led by Baltimore native and billionaire David Rubenstein.
The ownership group also reportedly includes O’s legend Cal Ripken Jr., former Baltimore mayor Kurt Schmoke, and former New York City mayor Michael Bloomberg, among others.
After the sale is completed, the Angelos family will continue to be a major investor in the Orioles, and current chair and CEO John Angelos will serve as a senior advisor, according to a news release Wednesday afternoon.
Angelos expressed confidence that Rubenstein and his partners would continue the Orioles’ success.
“When I took on the role of Chair and CEO of the Orioles, we had the objective of restoring the franchise to elite status in major league sports, keeping the team in Baltimore for years to come, and revitalizing our partnership group,” Angelos said. “This relationship with David Rubenstein and his partners validates that we have not only met but exceeded our goals.”
Angelos added, “I am personally committed to helping David and his partners take the franchise to the next level. We think this transaction is great for Major League Baseball and great for the City of Baltimore and Maryland. We are thankful to the fans and supporters cheering on the O’s as we reached this important goal – and who will be with us celebrating more success to come.”
Rubenstein, co-founder and co-chairman of The Carlyle Group, will be the controlling owner of the Orioles. In a statement, he thanked the Angelos family and Orioles fans.
“I am grateful to the Angelos family for the opportunity to join the team I have been a fan of my entire life,” Rubenstein said. “I look forward to working with all the Orioles owners, players and staff to build upon the incredible success the team has achieved in recent seasons. Our collective goal will be to bring a World Series Trophy back to the City of Baltimore. To the fans I say: we do it for you and can’t do it without you. Thank you for your support.”
He continued, “Importantly, the impact of the Orioles extends far beyond the baseball diamond. The opportunity for the team to catalyze development around Camden Yards and in downtown Baltimore will provide generations of fans with lifelong memories and create additional economic opportunities for our community.”
The deal, which still needs to be finalized, comes after many fans’ tumultuous relationship with the Orioles under the Angelos family’s ownership. John Angelos told the New York Times that for the Orioles to keep its young stars, he would have to “dramatically” raise prices.
In addition to the prospect of young players leaving the city, rumors swirled about the Orioles leaving Baltimore for Tennessee. Fans waited anxiously throughout 2023 to see whether the Angelos family could agree with the state and extend the Orioles’ lease at Camden Yards.
The two sides finalized a lease in mid-December in a deal that extended the Orioles’ lease at Camden Yards for 30 years, with the option to end the lease after 15 years if the Orioles and the state cannot agree to a plan for development around the ballpark.
The lease deal settled some nerves, but fans were still uneasy about the potential of not signing the likes of Adley Rutschman, Gunnar Henderson and Jackson Holliday to long-term extensions.
News on Tuesday that Rubenstein and company agreed to a deal to buy the team was welcomed by many Baltimore fans, who were looking for ways to move on from the Ravens’ loss to the Kansas City Chiefs on Sunday.
“This Orioles news has distracted me from the dumpster fire of an offensive game plan from the Ravens on Sunday. I’m happy again!!!” X user “KenWeinmanSport” said.
The Orioles finished with the best record in the American League in 2023 and saw Henderson win rookie of the year. Baltimore saw its first postseason appearance since 2016. They also boast the top farm system in baseball, voted on by front office executives. Holliday, the top prospect in baseball, is slated to play at some point this season, adding to a team already stacked with young talent.
Fans hope Rubenstein’s purchase continues the positive momentum and renewed success the Orioles experienced over the last year.
“AL East is gonna have problems with the Orioles for a long time,” X user “David_Biliouris” said.
Not all Marylanders were pleased by the deal, however, including state officials.
Maryland State Treasurer Dereck Davis said the state was misled to believe the Angelos family would not sell the team, reported The Baltimore Sun.
“We were lied to,” Davis said at the state Board of Public Weeks meeting on Wednesday.
Gov. Wes Moore said Wednesday that the lack of transparency around the sale agreement was “disappointing.”
The Orioles still have some things they need to take care of before they can become a juggernaut in one of the best divisions in baseball.
Orioles fans yearned for more pitching throughout last season. The trade deadline acquisition of Jack Flaherty did little to move the needle. Baltimore was rumored to be interested in Jordan Montgomery at last year’s deadline before he was ultimately dealt to the Texans Rangers.
Montgomery pitched in the series against Baltimore, a game the Rangers won. Texas went on to win the World Series, while Orioles fans were left wondering how their team would have fared if pitching had been more of a priority at the deadline. Fans are hoping Rubenstein will be willing to spend on pitching.
“Please let this mean the Orioles finally get some pitching,” X user “murphscannon” said.
While expectations are high for the Orioles with all of the positive momentum in the past year, topped off with news that a new owner is coming to town, others are taking a step back to realize the magnitude of the news surrounding the team.
“I can’t believe this is real,” O’s fan and Barstool Sports employee Eric Arditti (editti22 on X) said.
The Orioles could not be reached for comment by the time of publication.
