David Rubenstein-Led Consortium’s Orioles Acquisition Receives MLB Approval

Debarylife – On Wednesday, a group headed by billionaire David Rubenstein received unanimous approval from Major League Baseball to sell the Baltimore Orioles.

For about $1.725 billion, the Rubenstein-led group bought the franchise from the Angelos family. Among the investors are basketball legend Grant Hill, former mayor of New York City Michael Bloomberg, and baseball great Cal Ripken Jr.

MLB Commissioner Rob Manfred issued a statement saying, “I congratulate David Rubenstein on receiving approval from the Major League clubs as the new control person of the Orioles.”

“Being a native of Baltimore and a devoted follower of the team, David is exceptionally qualified to guide the Orioles in the future. As the new guardians of the franchise, we are pleased to welcome David and his partners.”

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In 2020, John Angelos assumed leadership of the squad due to the failing health of his father, Peter Angelos. At the age of 94, Peter Angelos passed away on Saturday.

For $173 million, Peter Angelos purchased the franchise in 1993.

“On behalf of Major League Baseball, I thank the Angelos family for their many years of service to the game and the communities of Baltimore,” Manfred stated. “Peter Angelos loved baseball, loved Baltimore, and was an important part of MLB for more than three decades.”

The Orioles are having success on the field at the time of the sale to Rubenstein’s company.

Baltimore made investments in a wide range of potential players who will start to show promise in 2024. Before winning 83 games in 2022, the Orioles won 52 games in 2021.

With a 101-61 record, the Orioles won the American League East in the previous season. This marked the team’s first 100-win milestone breach since 1980. The Texas Rangers, who went on to win the World Series, eliminated them from the playoffs.