- John P. Angelos is selling the Baltimore Orioles franchise to Mike Arougheti and David Rubenstein for $1.725 billion.
- Both Arougheti and Rubenstein are private equity billionaires and founders of Ares Management Corp. and the Carlyle Group, respectively.
- The sale still needs to be approved by Major League Baseball, with owners meeting in Orlando, Florida next week.
In a bombshell deal, John P. Angelos is selling the storied Baltimore Orioles franchise to two private equity billionaires, Mike Arougheti and David Rubenstein, according to a Tuesday report from ESPN. The sale reportedly has the Orioles valued at $1.725 billion.
A native of Baltimore, Rubenstein had prior interest in purchasing the Washington Nationals. Both he and Arougheti, who is New York-based, founded the private equity firms, the Carlyle Group and Ares Management Corp., respectively.
The sale still needs to be approved by Major League Baseball. Owners will be meeting in Orlando, Florida next week.
As his father, Peter, suffers from dementia, John P. Angelos has been running the team since 2020 as the ball club’s chair and managing partner.
Clear Thoughts (op-ed)
The bombshell sale of the Baltimore Orioles to private equity billionaires Mike Arougheti and David Rubenstein raises questions about the role of big money in America’s favorite pastime. While the $1.725 billion deal may seem like a win for the franchise, it’s worth considering the potential consequences of such transactions on the sport and its fans.
As founders of Ares Management Corp. and the Carlyle Group, Arougheti and Rubenstein have undoubtedly demonstrated financial acumen. However, one must question whether their business-first mindset will prioritize the interests of the team and its loyal fans.
As Major League Baseball owners convene in Orlando to approve the sale, they must bear in mind the impact of their decision on the sport as a whole. The Baltimore Orioles are a storied franchise with a rich history, and it is essential to preserve that legacy for future generations.
Ultimately, the sale of the Orioles is yet another reminder of the ever-increasing influence of big money in sports. As fans, we must stay vigilant and ensure that our beloved game doesn’t become just another business venture for billionaires.
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