The Rubenstein Regime Begins: Orioles Sold to the Consortium
The story broke on January 30, 2024 unexpectedly in a shock move with Rubenstein and Arougheti purchasing the team for $1.725 billion.
On January 30, 2024, a news story broke out from respected business journals (Sportico and Puck Business News) that David Rubenstein of the Carlyle Group and Michael Arougheti of Ares management along with a consortium of investors (Cal Ripken Junior, Grant Hill) would buy the team. It has now become official as Major League Baseball has officially approved the purchase of 40% ($690M) of the controlling stake with the remaining 60% ($1.035B) to be handed over on Peter Angelos’s death. John Angelos, because he still maintains the 60% will remain as a senior adviser.
With the news, the Orioles will officially be spun off as a baseball management group with Rubenstein holding the controlling stake and the consortium of investors. Fans have welcomed the news as great news for the city of Baltimore as fans believe that Rubenstein will finally give the Orioles the capital they need to lock up their core players like Adley Rutschman, Gunnar Henderson, Jackson Holliday, and Grayson Rodriguez.
Rumors are that Michael Arougheti is working on a brand new plan with the Mid Atlantic Sports Network with the Washington Nationals or he could in fact force their hand and tell them to get a deal with Monumental and buy the stake from them. There are a myriad of options available for him.
We are not sure as to what Grant Hill and Cal Ripken Junior’s hand in the Orioles will be as they own a piece of the franchise upon Peter’s passing. As much as 2-4% will be handed to them..
This is a developing news story and more information will come around as it becomes available.
