November 8, 2024

John Angelos agrees to sell Orioles for $1.725 billion in bombshell deal

Angelos #Angelos

Orioles ownership is finally changing hands. 

Team owner John Angelos has agreed to sell the Orioles to private equity billionaires David Rubenstein and Mike Arougheti in a deal valuing the club at $1.725 billion, according to Puck News. 

A timetable for when the deal will close is unclear, but MLB owners will be briefed on details of the sale next week when they meet in Orlando.

A general view Oriole Park at Camden Yards with Welcome to Oriole Park displayed during warm ups for a baseball game between the Baltimore Orioles and the Minnesota Twins, Wednesday, May 4, 2022, in Baltimore.The Orioles have reportedly agreed to sell the team to a new ownership group. AP Baltimore Orioles executive vice president John Angelos speaks at a news conference on Nov. 19, 2018John Angelos speaks at a news conference in 2018. AP

The role of Arougheti, the Ares Management Corp. co-founder, is also a bit murky, but it is expected that Rubenstein, the co-founder and co-chairman of the private equity firm the Carlyle Group, will serve as the ownership group’s decision maker.

This is a developing story, please check back for updates

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