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Orioles sale: Why John Angelos is reportedly selling franchise to billionaires David Rubenstein, Mike Arougheti

The 2023 season went down as one of the best in Orioles history with Baltimore winning 101 games, but the franchise still had to battle a slew of off-the-field drama.

CEO John Angelos made his share of negative headlines throughout the year, infamously suspending broadcaster Kevin Brown over remarks about the team’s past struggles and hinting that the franchise won’t be able to extend many of its young stars. 

Beyond those headlines, a cloud of uncertainty hovered over the Orioles’ future in Baltimore as Angelos struggled to work out an agreement to keep the team at Camden Yards long-term. The Orioles and the state of Maryland agreed to a new lease in December, and now it appears the franchise is set to begin a new era without Angelos.

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Here’s what you need to know about the Orioles’ reported sale. 

Is John Angelos selling the Orioles?

Reports from both Puck’s John Ourand and Sportico indicate the Angelos family has reached an agreement to sell the Orioles to billionaires David Rubenstein and Mike Arougheti for $1.725 billion. 

The group buying the Orioles includes “Maryland leaders, philanthropists and sports legends,” according to The Baltimore Banner.

Bloomberg reported in December that Rubenstein was in talks to buy the Orioles, but there had been limited updates on the negotiations until Tuesday’s reports.

Rubenstein will be the control person for the Orioles after the deal is finalized, filling the role that Angelos holds now. Rubenstein and Arougheti will start by purchasing 40 percent of the franchise, according to Sportico, and the deal will state that he purchases the remaining 60 percent when principal owner Peter Angelos, 94, passes away.

The deal has not yet been approved by MLB owners.

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John Angelos has served as the CEO and control person of the Orioles since his father stepped aside a handful of years ago due to declining health. The Wall Street Journal said Peter had long wished for the Orioles to be sold upon his death, but John had opposed that idea. Now, a deal appears to be in place, albeit still unofficial.

Who are David Rubenstein and Mike Arougheti?

Rubenstein, 74, is the co-founder of equity firm The Carlyle Group and was the chairman of the Kennedy Center for the Performing Arts until he stepped down on Monday.

Rubenstein has a net worth of $3.7 billion, according to Forbes, and he is from the Baltimore area. Between Rubenstein’s Baltimore ties and the Orioles’ new lease agreement to stay at Camden Yards, the franchise appears to be staying put after years of uncertainty.

Arougheti is the CEO of investment firm Ares Management and has a net worth of $1.8 billion. 

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