So, here’s the scoop. John Angelos and the whole Angelos crew, who’ve had the Baltimore Orioles under their wing since ’93, are apparently passing the baton. The lucky recipients? Billionaires David Rubenstein and Mike Arougheti, who are shelling out a cool $1.725 billion for the privilege, per John Ourand from Puck.
Now, get this. They’re kicking things off by snagging 40% of the club. The plan? To scoop up the remainder once Peter Angelos, the family patriarch, passes on. No word yet on when this mega-deal will seal, but it’s on the agenda for next week’s big meet in Orlando, Florida.
Oh, and guess who’s rumored to be joining the new ownership squad? None other than Orioles legend, Cal Ripken Jr. Yeah, you heard that right.
But why wait until after Peter’s death to sell the whole shebang? Well, it’s all about dodging a hefty tax bill. Selling now could cost the Angelos family a fortune in capital-gains taxes. A clever move, if you ask me.
Rubenstein, a Baltimore native, is set to be the Orioles’ new “control person.” Sounds fancy, right? His interest in buying the team isn’t exactly new news. It dates back to last December, a pretty eventful time for the Orioles, what with them racing to renew their lease with Baltimore City just before the New Year’s Eve deadline. Thanks to that, the Orioles are sticking around at Camden Yards for the foreseeable future.
Flashback to ’93, when Peter Angelos first got his hands on the Orioles for $173 million, taking over from venture capitalist Eli Jacobs. Fast forward to recent years, and Peter’s health has taken a hit, putting his son John in the spotlight.
John’s tenure? Well, it’s had its moments, including some tense lease negotiations. Oh, and let’s not forget the family drama. John and his mom, Georgia, were sued by his brother Louis, who threw in a claim that John was eyeing Nashville, Tennessee, for a potential team move. That lawsuit? Settled last year.
Rubenstein, with a net worth hovering around $3.7 billion, is no stranger to big moves. He co-founded The Carlyle Group, a heavyweight in the private equity world. Just this week, he announced his upcoming departure from the Kennedy Center board.
As for the Orioles, they haven’t exactly been big spenders since 2018, never ranking above 27th in Opening Day payroll. But, they’ve been busy building what many consider the best young core in baseball, led by catcher Adley Rutschman and infielder Gunnar Henderson. Plus, they’ve got the top prospect in the game, according to CBS Sports, in shortstop Jackson Holliday.
