Orioles reportedly in talks to sell team to billionaire Baltimore native David Rubenstein
The Angelos family, owners of the Baltimore Orioles, are reportedly in talks to sell the team to billionaire David Rubenstein, according to Bloomberg reporter Gillian Tan.
Rubenstein, 74, is co-founder and co-chairman of the Carlyle Group, a global private equity firm. He was born in Baltimore and attended Baltimore City College. Bloomberg estimates that his net worth is $4.6 billion, while Forbes estimated in late 2022 that it was $3.2 billion. Forbes estimates the value of the Orioles to be $1.7 billion, 18th out of 30 MLB teams.
Rubenstein reportedly told "key backers of the Orioles" last year that he would try to purchase the team if it were put up for sale. According to Tan, Rubenstein is one of several suitors interested in buying the team, and "nothing has been finalized and talks may still fall apart."
Relocation reports have swirled for years
Peter Angelos has owned the Orioles since 1993, when he and a group of investors bought the team for $173 million. He is now 94 and in poor health, and he ceded control of the franchise to his family, including sons, John and Louis, and his wife, Georgia, several years ago. John has been the main control person of the Orioles since 2019, and he is also CEO and chairman.
Louis sued John in 2022, claiming that John had been undermining Georgia's ownership of the team and trying to move the Orioles to Nashville, Tennessee. The suit got nasty, with all three family members releasing various statements, but was eventually dropped by all parties.
Those relocation rumors never quite died down. John denied them in 2019, and no one was surprised when they came up in the lawsuit. More fuel was added to the fire when the team rejected a five-year lease extension at Camden Yards in late 2022.
The Orioles' lease at Camden Yards runs out Dec. 31, and while it was announced in September that the team and the Maryland Stadium authority had agreed to a 30-year extension, no documents have been signed. The team is now reportedly demanding the development rights for the area surrounding the stadium, while the Maryland Stadium Authority wants the lease to be separate from the development rights.
Selling the team would get it out of Angelos family hands entirely and likely guarantee the team stays in Baltimore long-term. Plus, a new team owner opens up the possibility that more money could be spent on the Orioles' payroll, potentially allowing the team to build a roster that could contend for multiple years.
