Recently, Major League Baseball’s owners gave their unanimous approval for private-equity billionaire David Rubenstein to become the new owner of the Baltimore Orioles. This accelerated sale quickly transferred control of the team to Rubenstein and his ownership group, giving them 70% ownership of the Orioles. This move occurred less than two months after Rubenstein agreed to purchase the team from the Angelos family. In a statement, Commissioner of Baseball Robert D. Manfred, Jr. expressed his gratitude to the Angelos family for their many years of service to both the game and the community of Baltimore.
The sale of the Orioles to Rubenstein comes with a significant valuation of $1.725 billion. This valuation makes it the third-highest sale of a baseball team, ranking behind the New York Mets’ $2.4 billion sale in 2020 and the Los Angeles Dodgers’ $2.15 billion purchase in 2012. Peter Angelos originally bought the Orioles for $173 million back in 1993. Now, Rubenstein has the responsibility of overseeing a team that excelled last year with 101 regular-season wins and boasts a strong young core of players in key positions.
Rubenstein’s Vision and Investment
As a Baltimore native and lifelong Orioles fan, Rubenstein is uniquely positioned to lead the Orioles into the future. He has expressed his intention to inject cash into the team, potentially bringing in top-tier free agents or securing long-term deals with promising young players. Rubenstein, at 74 years old, not only brings a notable list of investors on board but also a deep personal connection to the Orioles. With his belief in the franchise as a solid investment opportunity, it will be interesting to see how he navigates the team’s future.
In December, the Orioles secured a 30-year lease to continue playing at Camden Yards. This lease includes provisions for the team to pursue development around the stadium, much like The Battery surrounding Truist Park in Atlanta. Under Rubenstein’s ownership, there are plans for his group to initially own 40% of the team, with a future goal of acquiring an additional 30% from the Angelos family. This strategic move sets the stage for potential growth and development within and around the Orioles organization.
With the official approval of David Rubenstein as the new owner of the Baltimore Orioles, the team enters a new era under his leadership. Rubenstein’s deep ties to Baltimore and his passion for the team bring a sense of optimism for fans and players alike. As he takes the reins of an organization with a rich history and a promising future, all eyes will be on Rubenstein to see how he steers the Orioles towards continued success in Major League Baseball.