John Angelos agrees to sell to the Baltimore Orioles, according to report

The Baltimore Orioles will soon be under new ownership. Sources confirmed to 11 News that team president and CEO John Angelos has agreed to sell the team. According to sources, Angelos will sell the Orioles to a group led by two private equity billionaires, including David Rubinstein, who was reportedly involved in sale talks in December. The new ownership group will start with a minimum stake of 40%. Rubinstein will serve as the “controlling” partner. The structure of the deal will allow the group to purchase the full 70% of the club owned by the Angelos family following the death of Peter Angelos. The Angelos patriarch has spent the past several years dealing with illness and dementia. His family has owned the Orioles since 1993. John Angelos officially took over the team from his father in 2019. Orioles legend Cal Ripken Jr. is part of the new ownership group, but it is not yet clear what his role will be. They are approved by Major League Baseball owners. They are scheduled to meet next week in Florida.11 The news has reached the Orioles. The team did not comment on the report. The sale value is said to be $1.725 billion. Rubinstein, a Baltimore native, is the co-founder of The Carlyle Group, a Washington, D.C.-based private equity firm. This story will be updated.