A star-studded investor group, led by baseball legend Cal Ripken Jr. and basketball icon Grant Hill, has clinched a groundbreaking deal to acquire the Baltimore Orioles for a staggering $1.725 billion.
Orchestrated by Baltimore native and Carlyle Group co-founder David Rubenstein, this powerhouse consortium also features heavyweights such as former New York Mayor Michael Bloomberg and ex-Baltimore Mayor Kurt Schmoke.
The Angelos family, at the helm of the Orioles for the past three decades, has agreed to sell a controlling stake to Rubenstein’s formidable team while retaining a significant investment in the franchise.
“I am thrilled to rejoin the Orioles organization, and I extend my heartfelt thanks to David for including me in this ownership group,” Ripken declared in a statement. “The Orioles have been an integral part of my life since childhood, and today marks a truly special occasion.”
Cal Ripken Jr. on becoming part of the Orioles' ownership:
"I am excited to once again be a part of the Orioles organization and I thank David for including me in the ownership group. The Orioles have been part of my life since I was a child, and this is a special day." pic.twitter.com/a17XdcB5cS
— B/R Walk-Off (@BRWalkoff) January 31, 2024
Expressing gratitude to the Angelos family, Rubenstein outlined the collective vision of the new ownership to catapult the Orioles back to championship glory.
“Our unified objective is to bring a World Series trophy back to the city of Baltimore. To the fans, I say: We embark on this journey for you, and we cannot succeed without your unwavering support,” he emphasized.
The colossal $1.725 billion deal is now pending approval from Major League Baseball ownership, necessitating a resounding 75% endorsement from stakeholders.
John Angelos, the current chairman of the Orioles, will retain a pivotal role as a senior adviser. “I am personally committed to assisting David and his partners in propelling the franchise to new heights,” Angelos affirmed. “We firmly believe this transaction is not only advantageous for Major League Baseball but also for the city of Baltimore and the state of Maryland.”
Maryland Governor Wes Moore’s spokesperson, Carter Elliott, lauded the deal, emphasizing its pivotal role in securing the Orioles’ continued presence in Baltimore for the foreseeable future. “Preserving the Orioles in Baltimore for the long term was a key priority for this administration, and we take pride in the assurance that this transaction won’t alter that commitment,” Elliott concluded.
The Angelos family, steering the Orioles since 1993, expressed satisfaction with the transaction. “This collaboration with David Rubenstein and his partners validates that we have not only met but exceeded our goals,” said John Angelos.
The Orioles, fresh off a stellar season with 101 victories, find themselves on the precipice of a promising era with emerging talents like Adley Rutschman and Gunnar Henderson.
Fans are hopeful that this ownership change signals a departure from the team’s historically conservative payroll approach, paving the way for strategic investments to maximize their pool of exceptional talent.
