Key Takeaways
- • David Rubenstein's ownership group has agreed to acquire the Baltimore Orioles from the Angelos family for $1.725 billion, pending MLB owner approval, with the deal expected to close within the near term.
- • Rubenstein characterizes the acquisition as both a personal "give back" to his hometown and "a very good investment opportunity," citing dual motivations of philanthropy and financial return.
- • The ownership structure includes notable Baltimore figures and philanthropists, including Michael Bloomberg (co-founder of Bloomberg LP) and Cal Ripken Jr., designed to assemble stakeholders with demonstrated commitment to the city.
- • Rubenstein will assume the MLB designation of "control person" upon deal approval, becoming the team's lead decision-maker; MLB owners discussed the sale at meetings last week but have not yet voted on final approval.
- • The $1.725 billion valuation represents a 10x increase from the Angelos family's 1993 purchase price of $173 million, reflecting significant appreciation in MLB franchise valuations over three decades.
Summary
David Rubenstein, co-founder of The Carlyle Group private equity firm and Baltimore native, leads an ownership consortium that has reached agreement to purchase the Baltimore Orioles from the Angelos family for $1.725 billion. Speaking on Bloomberg Television's "Surveillance" program on February 12, 2024, as the team's pitchers and catchers reported to spring training, Rubenstein articulated his dual investment thesis: personal attachment to his hometown combined with recognition of the asset as a sound financial opportunity.
"I would say I'm interested in it because I want to give back to my hometown, I enjoy sports, I think it's a very good investment opportunity," Rubenstein stated. The deal has not yet received final MLB owner approval, though league owners discussed the transaction at meetings held the prior week in Orlando. Sources indicate the approval process is expected to move expeditiously relative to historical MLB franchise sales timelines.
The proposed ownership group reflects Rubenstein's strategy to anchor the franchise within Baltimore's business and philanthropic establishment. Cal Ripken Jr., the Hall of Fame shortstop and native son, will invest alongside the group. Michael Bloomberg, former New York City Mayor and co-founder of Bloomberg LP (which broadcasts Rubenstein's television program), is also participating in the ownership structure. Rubenstein highlighted Bloomberg's philanthropic track record, noting his substantial contributions to Johns Hopkins University as evidence of commitment to Baltimore's institutional ecosystem.
Upon MLB approval, Rubenstein will become the franchise's "control person," MLB's official designation for a club's principal decision-maker. The $1.725 billion valuation underscores the significant appreciation in MLB franchise valuations: the Angelos family acquired the Orioles in August 1993 for $173 million—then the highest price ever paid for a sports franchise—during the bankruptcy-forced sale of Eli Jacobs' ownership stake. The current transaction represents approximately a tenfold increase in franchise value over three decades, reflecting broader trends in sports asset inflation and MLB's revenue expansion.
"I would say I'm interested in it because I want to give back to my hometown, I enjoy sports, I think it's a very good investment opportunity," Rubenstein stated. The deal has not yet received final MLB owner approval, though league owners discussed the transaction at meetings held the prior week in Orlando. Sources indicate the approval process is expected to move expeditiously relative to historical MLB franchise sales timelines.
The proposed ownership group reflects Rubenstein's strategy to anchor the franchise within Baltimore's business and philanthropic establishment. Cal Ripken Jr., the Hall of Fame shortstop and native son, will invest alongside the group. Michael Bloomberg, former New York City Mayor and co-founder of Bloomberg LP (which broadcasts Rubenstein's television program), is also participating in the ownership structure. Rubenstein highlighted Bloomberg's philanthropic track record, noting his substantial contributions to Johns Hopkins University as evidence of commitment to Baltimore's institutional ecosystem.
Upon MLB approval, Rubenstein will become the franchise's "control person," MLB's official designation for a club's principal decision-maker. The $1.725 billion valuation underscores the significant appreciation in MLB franchise valuations: the Angelos family acquired the Orioles in August 1993 for $173 million—then the highest price ever paid for a sports franchise—during the bankruptcy-forced sale of Eli Jacobs' ownership stake. The current transaction represents approximately a tenfold increase in franchise value over three decades, reflecting broader trends in sports asset inflation and MLB's revenue expansion.
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