A group of prominent investors, including sports legends Cal Ripken Jr. and Grant Hill, as well as former mayors Michael Bloomberg and Kurt Schmoke, have come together to purchase the Baltimore Orioles. The investment group is led by David Rubenstein, a Baltimore native and co-founder of the Carlyle Group, who is acquiring a controlling stake in the team from the Angelos family for $1.725 billion.
Cal Ripken Jr., an Orioles icon, expressed his excitement about the ownership group, stating, “The Orioles have been a part of my life since I was a child, and this is a special day.” Ripken, a Hall of Famer in baseball, joins the venture alongside Grant Hill, another Hall of Famer, who has local ties to the area.
Other notable members of the investment group include former New York Mayor Michael Bloomberg and former Baltimore Mayor Kurt Schmoke. The collective goal of the new ownership is to bring a World Series championship back to Baltimore.
John Angelos, the current chairman of the Orioles, will continue as a senior adviser and voiced his commitment to helping Rubenstein and his partners elevate the franchise. He stated, “We think this transaction is great for Major League Baseball and great for the city of Baltimore and Maryland.”
David Rubenstein’s investment team comprises a mix of accomplished individuals, including Michele Kang, the owner of the Washington Spirit of the NWSL, and Ares Management co-founder Michael Arougheti. The sale is contingent on receiving approval from 75% of Major League Baseball ownership.
The Angelos family, which has owned the Orioles since 1993, will maintain a significant investment in the team. The sale marks a new chapter for the Orioles, who achieved considerable success on the field in the 2023 season, winning 101 games and boasting a promising future with young talents like Adley Rutschman and Gunnar Henderson. The hope is that the change in ownership will allow the Orioles to invest more aggressively and capitalize on their foundation of talent.