David Rubenstein has a deal to buy the Baltimore Orioles for $1.725 billion, source says

Carlyle Group Inc. co-founder David Rubenstein has reached an agreement to buy the Baltimore Orioles for $1.725 billion, according to a person with knowledge of the deal.

Co-founder and co-chairman of the private equity firm The Carlyle Group David Rubenstein speaks Jan. 19 in the panel “The Global Economic Outlook” on the last day of the forum’s Annual Meeting in Davos, Switzerland. Rubenstein has reached an agreement to buy the Baltimore Orioles for $1.725 billion. 

Markus Schreiber, Associated Press

The person spoke to The Associated Press on condition of anonymity Tuesday night because the agreement had not been announced. Rubenstein, a Baltimore native, would take over as the team’s controlling owner, and he’s assembled an investment team that includes Ares co-founder Michael Arougheti.

The Angelos family has been in control of the Orioles since 1993, when Peter Angelos purchased the team for $173 million. Angelos’ son John is the team’s current chairman. The team recently reached a deal on a new lease extension at Camden Yards. Maryland officials approved that long-term agreement after months of negotiations.

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The deal extended the lease for 30 years, with an option to end it after 15 if the team does not receive approval from state officials for development plans next to the ballpark.

Prior to forming Carlyle in 1987, Rubenstein practiced law in Washington. From 1977-81, he was a deputy assistant for domestic policy to President Jimmy Carter. After graduating from Duke in 1970, he attended University of Chicago Law School.

The sale agreement, which requires approval from major league owners, was first reported by Puck.

The Orioles are coming off a 101-win season and their first AL East title since 2014. With young stars like Adley Rutschman and Gunnar Henderson — and another top prospect on the way in Jackson Holliday — the future looks as bright as it has in a while for a team that hasn’t won a World Series since 1983.

One sore spot with fans is the club’s payroll, which has remained low, and it’s been another quiet offseason for the team so far. If the new ownership group is able to keep Baltimore’s young core together, the Orioles could have a lengthy window of contention.

When Peter Angelos first took control of the Orioles, they had recently started playing at Camden Yards, the downtown venue that revolutionized the way baseball parks were built. The Orioles spent aggressively, at least for a little while, and won the division in 1997 with future Hall of Famers Cal Ripken, Roberto Alomar, Mike Mussina and Harold Baines.

After that, Baltimore didn’t make the postseason again until 2012, when the Orioles began a renaissance under manager Buck Showalter.

They eventually had to rebuild again, losing at least 108 games in 2018, 2019 and 2021 — a streak interrupted only by the pandemic-shortened 2020 season.

Even as the team posted the best record in the American League last year, there were ominous signs, such as a New York Times piece in which Angelos was quoted as saying: “When people talk about giving this player $200 million, that player $150 million, we would be so financially underwater that you’d have to raise the prices massively.”

A sale must be approved in a vote of at least 75% by the 30 major league teams.

The sales approval process typically lasts several months.

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Today in sports history: Jan. 30 1983: John Riggins rushes for Super Bowl-record 166 yards in Washington win over Miami

1983 — John Riggins rushes for a Super Bowl-record 166 yards on 38 carries to spark the Washington Redskins to a come-from-behind, 27-17 victory over the Miami Dolphins. For Riggins, the game’s MVP, it’s his fourth consecutive 100-yard rushing game during the playoffs, also a record.

This is a Jan. 30, 1983, file photo showing Washington Redskins running back John Riggins (44) eluding a tackle by Don McNeal (28), of the Miami Dolphins, during Super Bowl XVII at the Rose Bowl in Pasadena, Calif. (AP Photo/File)

AP FILE 1994: Dallas Cowboys win their second-straight Super Bowl against Buffalo Bills

1994 — The Dallas Cowboys, behind MVP Emmitt Smith and safety James Washington, beats Buffalo 30-13 for their second straight NFL title while giving the Bills four straight Super Bowl losses.

Dallas Cowboys running back Emmitt Smith (22) runs for short yardage against the Buffalo Bills during Super Bowl XXVIII action at the Georgia Dome in Atlanta, Ga., Sunday, Jan. 30, 1994. (AP Photo/Susan Ragan)

AP FILE 1996: Magic Johnson returns from 4 1/2-season retirement

1996 — Magic Johnson finishes with 19 points, 10 assists and eight rebounds in the Los Angeles Lakers’ 128-118 victory over Golden State. It Johnson’s first regular-season game back from a 4 1/2-season retirement.

Earvin “Magic” Johnson, driven from basketball nearly five years ago when he learned he had the AIDS virus, looks over his comeback game in Inglewood, California on Tuesday, Jan. 30, 1996. (AP Photo/Michael Caulfield)

AP FILE 2000: St. Louis Rams hold Tennessee Titans one yard shy of end zone to win Super Bowl

2000 — The St. Louis Rams hold on to beat the Tennessee Titans 23-16 in the Super Bowl. Kurt Warner’s 73-yard touchdown pass to Isaac Bruce with 1:54 left gives the Rams the lead. On the game’s final play with six seconds left, Steve McNair’s pass is caught by Kevin Dyson at the Rams 5. He scrambles for the end zone only to be stopped just one yard short by Mike Jones as Dyson’s outstretched arm holds the ball near the goal line.

In this Jan. 30, 2000, file photo, Tennessee Titans wide receiver Kevin Dyson (87) tries but fails to get the ball into the end zone as he is tackled by St. Louis Rams’ Mike Jones on the final play of NFL football’s Super Bowl XXXIV in Atlanta. The Rams won 23-16. (AP Photo/John Gaps III, File)

AP FILE 2006: Teemu Selanne scores two goals for his 1,000th career point

2006 — Teemu Selanne scores two goals for his 1,000th career point in Anaheim’s 4-3 overtime victory against Los Angeles.

Anaheim Mighty Ducks Teemu Selanne, of Finland, celebrates after scoring a goal in the second period of a NHL hockey game against the Los Angeles Kings Monday, Jan. 30, 2006, in Anaheim, Calif. the goal gave Selanne his 1000th career point. (AP Photo/Henry DiRocco)

AP FILE 2009: Rafael Nadal wins longest match in Australian Open history

2009 — Rafael Nadal holds off Fernando Verdasco in longest match in Australian Open history. Verdasco double-faults after saving two match points, and Nadal wins 6-7 (4), 6-4, 7-6 (2), 6-7 (1), 6-4 in the 5-hour, 14-minute semifinal between the Spanish left-handers.

Spain’s Rafael Nadal celebrates after winning over compatriot Fernando Verdasco during their Men’s singles semifinal match at the Australian Open Tennis Championship in Melbourne, Australia, Friday, Jan. 30, 2009. (AP Photo/Mark Baker)

AP FILE 2016: Angelique Kerber upsets Serena Williams to win Australian Open title

2016 — Angelique Kerber upsets Serena Williams 6-4, 3-6, 6-4 to win the Australian Open title, ending the six-time champion’s unbeaten streak in finals at Melbourne Park.

Angelique Kerber, right, of Germany enjoys a joke with runner-up Serena Williams of the United States after winning their women’s singles final at the Australian Open tennis championships in Melbourne, Australia, Saturday, Jan. 30, 2016.(AP Photo/Aaron Favila)

AP FILE 2018: James Harden becomes first player in NBA history to score 60 points as part of triple-double

2018 — James Harden becomes the first player in NBA history to score 60 points as part of a triple-double and the short-handed Houston Rockets beat the Orlando Magic 114-107. Harden scores 18 points in the fourth quarter to eclipse the 57 points Calvin Murphy scored in 1978 to break Houston’s single-game scoring record. Harden also has 10 rebounds and 11 assists.

Houston Rockets guard James Harden (13) high-fives Ryan Anderson late in the second half of the team’sp NBA basketball game against the Orlando Magic, Tuesday, Jan. 30, 2018, in Houston. Houston won 114-107. (AP Photo/Eric Christian Smith)

AP FILE APTOPIX Australian Open Tennis

Rafael Nadal of Spain celebrates his win over Daniil Medvedev of Russia in the men’s singles final at the Australian Open tennis championships in Melbourne, Australia, early Monday, Jan. 31, 2022. (AP Photo/Hamish Blair)

Hamish Blair

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