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Orioles Sale Approved

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On Wednesday, the owners of the MLB unanimously approved the acquisition of the Baltimore Orioles by a consortium led by businessman David Rubenstein.

Several confirmed Major League Baseball's decision on the sale. The decision was made during a conference call and the purchase of Rubenstein is expected to be formalized very soon.

Rubenstein Applying as Buyer

Rubenstein is set to acquire the Orioles from the Angelos family. Peter Angelos, who bought the Orioles in 1993 and led the team as principal owner for more than three decades, died last week at the age of 94.

Following MLB's announcement, Rubenstein, 74, took to X to share a video expressing his excitement about becoming the new owner of the Orioles.

Having grown up in Baltimore and being a devoted Orioles fan for many years, Rubenstein conveyed his excitement about taking on this new role.

According to various media outlets, Rubenstein is acquiring the Orioles for $1.725 billion, making it the third largest sale in MLB history, behind only the New York Mets in 2020 and the Los Angeles Dodgers in 2012.

Angelos and his associates initially purchased the Orioles for a mere $173 million in 1993. It highlighted MLB's quick sale process, with Rubenstein ready to officially take over less than two months after agreeing to the purchase.

Initially, Rubenstein's group will hold a 40 percent stake in the team, with plans in place to acquire an additional 30 percent from the Angelos family in the future.

Notable figures in the Rubenstein ownership consortium include Orioles icon Cal Ripken Jr, Basketball Hall of Famer Grant Hill, former Baltimore Mayor Kurt Schmoke and former New York Mayor Michael Bloomberg.

Orioles Aim for a Storied Future

Rubenstein assumes control of a franchise with a rich history, boasting three World Series titles, although its last triumph was in 1983.

Despite a recent streak of playoff absences and mediocre performances, the Orioles showed promise with significant progress last season after six consecutive non-playoff campaigns from 2017-2022.

In 2023, the Orioles dominated the American League, displaying an impressive 101-61 record and securing their first American League East Division title since 2014.

Baltimore emerges as a formidable force in the American League this year, backed by a solid core that includes Adley Rutschman, Gunnar Henderson and Corbin Burnes. However, their strength doesn't end there; they are poised for sustained success in the years to come.

With top prospect Jackson Holliday leading the charge along with a plethora of other talented youngsters, Rubenstein is poised to oversee an era of triumph and prosperity in Orioles history.

The approval of at least 75% of all owners was a prerequisite, and MLB confirmed that the vote was unanimous.

Reflecting on the enormous responsibility that comes with owning the Orioles, Rubenstein, who is co-founder of Carlyle Group Inc. said in a statement that he considers owning the Orioles a great civic duty.

On behalf of the other owners, he wants the Baltimore community and Orioles fans around the world to know that he will go out of his way to provide them with professionalism, integrity, excellence and a strong desire to win games.

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