Surprising News! Baltimore Orioles to Be Sold to Private Equity Firm!
After 30 years of Angelos family ownership, the Orioles are being sold for $1,725,000,000 to Mike Arougheti and David Rubenstein. The deal is still subject to approval from the commissioner and MLB owners.
Many people just thought the team wasn’t up for sale when reports came out that David Rubenstein was thinking about buying the Baltimore Orioles. That rumor has officially been confirmed and it is true, the Orioles are officially sold to Rubenstein-Arougheti Private Equity Firm.
Word is that they are buying 40% of the stake now (through consortium) as confirmed by Sportico and Puck Business News and assuming the final 60% upon Peter’s death. This deal allows to have seats on the board and gives them a chance to see how things are ran.
For years, Oriole fans have been begging for the Angelos family to sell the team and now it seems as though Christmas has come early for Orioles fans. Oriole fans hope that Rubenstein and Arougheti’s group will allow the team to spend money to bring in marquee players.
This is a breaking news story and more information will come forward as available.