As a Baltimore native, David Rubenstein is expected to become the controlling owner of the Baltimore Orioles, as per information from a source speaking to The Associated Press. David Rubenstein, co-founder of the Carlyle Group Inc., has reportedly reached an agreement to purchase the Baltimore Orioles for $1.725 billion, as confirmed by a person familiar with the deal.
The individual, speaking on the condition of anonymity to The Associated Press on Tuesday night, revealed that the agreement had not been officially announced. In the deal, David Rubenstein, a native of Baltimore, is poised to become the controlling owner of the Baltimore Orioles. He has formed an investment team that includes Michael Arougheti, the co-founder of Ares.
The Angelos family, in control of the Orioles since 1993 when Peter Angelos acquired the team for $173 million, is set to relinquish ownership. John Angelos, Peter’s son, is the current chairman. The team recently secured a new lease extension at Camden Yards, a long-term agreement that received approval from Maryland officials after extensive negotiations.
The recently approved deal extends the lease for the Baltimore Orioles at Camden Yards for 30 years, with a provision allowing termination after 15 years if the team fails to secure approval from state officials for development plans adjacent to the ballpark.
Before founding Carlyle in 1987, David Rubenstein worked as a lawyer in Washington. His career also includes serving as a deputy assistant for domestic policy to President Jimmy Carter from 1977 to 1981. Rubenstein, who graduated from Duke in 1970, furthered his education at the University of Chicago Law School.
