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 Mike 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.
As part of the deal, the group will start off owning about 40 percent of the club. The group will buy Angelos’ remaining stake following the death of Peter Angelos, the family patriarch, who has been incapacitated for years by an illness. MLB owners will receive details of the sale at their annual meeting in Orlando next week. And while Rubenstein and Arougheti have reached an agreement with Angelos, there isn’t a timetable for the deal to close.