The Baltimore Orioles have officially been acquired in full by the Rubenstein Ownership Group, led by private equity billionaire David Rubenstein. This takeover marks the completion of a deal that saw Rubenstein’s group initially purchase 40% of the team, a transaction that was approved by MLB owners on March 27, just before the start of the season.
The remaining shares of the Orioles were bought out from the minority ownership group previously led by the Angelos family, with John Angelos serving as the control person of the team since 2019. Following the passing of former owner Peter Angelos in March, the process for Rubenstein’s group to acquire full ownership of the team accelerated. Investment bank BDT & MSD played a role in coordinating the raise of capital for the purchase.
David Rubenstein expressed his gratitude towards the Angelos family for their leadership over the past three decades and highlighted the progress made by the team under their ownership. He also announced the appointment of Catie Griggs as the new team president of business operations, emphasizing the group’s commitment to success both on and off the field.
The new ownership group, which includes a mix of investors, Baltimore leaders, and sports legends, is dedicated to revitalizing the Orioles and the city of Baltimore. Plans are underway to refurbish Orioles Park, develop the area surrounding Camden Yards, and enhance the overall fan experience.
Despite the change in ownership, the Orioles have continued their success on the field this season, leading the American League East with a record of 65-44. The new ownership group has been actively involved with the team and the community, demonstrating their commitment to building on the team’s achievements.
Ownership partner Michael Arougheti expressed his gratitude for the opportunity to work alongside David Rubenstein and the Orioles leadership in guiding the team into a new chapter. He acknowledged the support from the city of Baltimore and the fans, who have shown enthusiasm by increasing game attendance and TV viewership.
General manager Mike Elias commended the new ownership group for their willingness to invest in the team, particularly evident in their support leading up to the Trade Deadline. Despite taking over the team amidst unusual circumstances, the ownership group has shown a strong commitment to improving the roster and pursuing success on the field.
Overall, the acquisition of full ownership of the Baltimore Orioles by the Rubenstein Ownership Group signifies a new era for the team, with a focus on continued success, community engagement, and revitalization efforts in Baltimore. Fans can look forward to a bright future under the leadership of David Rubenstein and his team.