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The Orioles Prepare for Private Equity Control

The Angelos family is selling the team to two P.E. billionaires, David Rubenstein and Mike Arougheti, for $1.725 billion.

As part of the deal, the group will start off owning about 40 percent of the club.
As part of the deal, the group will start off owning about 40 percent of the club. Photo: Maddie Meyer/Getty Images
John Ourand
January 30, 2024

It looks like the Orioles sale is finally going to happen. I’ve had several plugged-in sources tell me that the team’s owner, John Angelos, has agreed to sell the franchise to a group led by two private equity billionaires: David Rubenstein, who started the Carlyle Group, hails from Baltimore, and has been tied to the deal for months; and Ares Management Corp. co-founder Michael Arougheti, who lives in New York. The extent of Arougheti’s involvement is unclear, but Rubenstein will become the “control person,” the term MLB uses for teams’ decision-makers. The deal values the club at $1.725 billion.