The sale of the Orioles was finalized on Wednesday with ownership being transferred from the Angelos family to a group led by private equity billionaire David…
Rubenstein, a co-founder of the private equity firm The Carlyle Group, and lead co-purchaser Mike Arougheti will initially acquire a 40% stake in the club. Rubenstein said.
"On behalf of my fellow owners, I want the Baltimore community and Orioles fans everywhere to know that we will work our hardest to deliver for you with professionalism, integrity, excellence, and a fierce desire to win games. "I thank John Angelos and his family for all they have done to bring us to this point. John led a dramatic overhaul of the team's management, roster, recruitment strategy, and farm system in recent years. Our job is to build on these accomplishments to advance a world-class professional sports agenda – with eyes on returning a World Series trophy to Baltimore.”
The Orioles have made six postseasons since the Angelos took over. They had one of their best seasons yet in 2023, going 101-61, before losing to the eventual champion in the ALDS. It was the team's highest win total since 1979 and followed a period in which Baltimore lost more than 100 games in three of four seasons between 2018 to 2021.
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