Major League Baseball fully approved sale of control stake in Baltimore Orioles to Baltimore Native David Rubenstein

Rubenstein: Our eyes are on returning a World Series trophy to Baltimore 

Baltimore, MD – Major League Baseball owners today unanimously approved the sale of the Baltimore Orioles to a group led by DAVID RUBENSTEIN.

Rubenstein, who announced his intent to buy the controlling stake of the Orioles from the Angelos family in January, leads a diverse investor group, which includes MICHAEL AROUGHETI, Co-Founder and Chief Executive Officer of Ares Management, MITCHELL GOLDSTEIN, and MICHAEL SMITH, Co-Heads of the Ares Management Credit Group (together joint owners of Charm City Sports Partners, LLC).

Subject to obtaining Major League Baseball approval, it is anticipated that the following will become part of the Orioles ownership group: 

CAL RIPKEN, JR., Orioles legend and National Baseball Hall of Fame Member
MICHELE KANG, businesswoman and owner of the Washington Spirit
THE HON. KURT SCHMOKE, former Baltimore Mayor
GRANT HILL, Naismith Basketball Hall of Famer
THE HON. MIKE BLOOMBERG, business leader and philanthropist
BILL MILLER, investor, philanthropist, and lifelong Orioles fan
RICK RIEDER, business leader and lifelong Orioles fan
GREG BARONI, business leader and lifelong Orioles fan
STAN, ALLISON & ALBERT CHEN, business leaders and lifelong Orioles fans
KATE RAMSDELL, lifelong Orioles fan
LAUREN TABAK FASS, attorney and philanthropist
JASON REESE, business leader 

Rubenstein, who grew up in Northwest Baltimore and graduated from Baltimore City College, is Co-Founder and Co-Chairman of The Carlyle Group, a philanthropist, and a lifelong Orioles fan.

David Rubenstein said, “To own the Orioles is a great civic duty. On behalf of my fellow owners, I want the Baltimore community and Orioles fans everywhere to know that we will work our hardest to deliver for you with professionalism, integrity, excellence, and a fierce desire to win games.” 

He added, “I thank John Angelos and his family for all they have done to bring us to this point. John led a dramatic overhaul of the team’s management, roster, recruitment strategy, and farm system in recent years. Our job is to build on these accomplishments to advance a world-class professional sports agenda – with eyes on returning a World Series trophy to Baltimore.”

Michael Arougheti said, “The Orioles are a historic franchise with an incredible stadium and the best fans in baseball. We share David’s passion for winning and look forward to working with him and the talented Orioles team to bring best-in class experiences to O’s fans and to the Baltimore community.” 

Rubenstein takes over control of the Orioles from JOHN ANGELOS, who became Orioles Chair, CEO, and Control Person in 2019. During Angelos’ 5-year tenure, he led the reorganization of the Club’s front office management team, signed a long-term lease committing the Orioles to play in Baltimore for the next generation, made major reinvestments in the Baltimore community, and expanded and improved Orioles facilities in Baltimore, Sarasota, and the Dominican Republic.

“I thank our entire partnership group and our talented front office team for their confidence and support of my efforts to restore the Orioles to elite status in Major League Baseball, to renew and extend our long-term partnership in Baltimore so that the next generation of Marylanders will grow up enjoying the Birds of Baltimore, and to transition stewardship of the Club to David and his partnership group,” said John Angelos. “Capping our organizational turnaround with a championship in perhaps the toughest division in sports, while fulfilling my pledge that the O’s would forever play ball in Charm City, dovetails perfectly with the privilege to now pass stewardship of Baltimore’s iconic team to a Baltimore native, passionate American, and celebrated philanthropist in David Rubenstein. The Orioles are in great hands, and the Club, as well as the City and State that it calls home, are well positioned for success into the future.”

The Orioles culminated a historic organizational rebuild last season by winning an American League best (101 games), celebrating their 10th AL East title, becoming the first team in Major League Baseball history to be awarded the number one ranked farm system for three consecutive years, and having five of the top 32 prospects in all of baseball, including consensus top prospect JACKSON HOLLIDAY. During the offseason, the team traded for Cy Young Award-winning pitcher CORBIN BURNES from the Milwaukee Brewers, further adding to the talent on the roster and throughout the organization. 

A press conference to provide additional information will be held on March 28, 2024 at 11:00 a.m. at Oriole Park at Camden Yards. Specific details will be communicated soon.

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About The Orioles

Since moving to Baltimore in 1954, the Orioles have become an institution in the city they call home. Over the past 70 years, the Baltimore Orioles have become one of the most storied franchises in all of Major League Baseball, winning three World Series Championships, 10 Division Titles, with the most recent coming in 2023, and calling The Ballpark That Forever Changed Baseball™ home. The Orioles are proud to give back to the community, focusing their year-round philanthropic efforts on two distinct pillars: Strengthening Our Community and Empowering Our Youth, while generating more than $10 billion in economic impact since 1992 and acting as a catalyst for tourism for the City of Baltimore and State of Maryland.