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#14 Illinois at Ohio State, Tuesday, January 30, 2024, 7 PM ET, Peacock

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Angelos family to sell Orioles for $1.725B to private equity moguls, Cal Ripken Jr. involved, per report

David Rubenstein and Mike Arougheti will initially purchase 40% of the club before buying out the rest
www.cbssports.com www.cbssports.com

Angelos family to sell Orioles for $1.725B to private equity moguls, Cal Ripken Jr. involved, per report​

David Rubenstein and Mike Arougheti will initially purchase 40% of the club before buying out the rest​

ohn Angelos and the rest of the Angelos family, the owners of the Baltimore Orioles since 1993, have reportedly agreed to sell the franchise to billionaires David Rubenstein and Mike Arougheti for $1.725 billion, according to John Ourand of Puck. Ourand adds that Rubenstein and Arougheti will initially purchase 40% of the club before buying the rest following Peter Angelos' death. There is no estimated date on when the deal will close, but it is expected to be discussed at the owners' meetings scheduled for next week in Orlando, Florida.

Orioles legend Cal Ripken Jr. is expected to be part of the incoming ownership group, according to the Baltimore Banner's Andy Kostka.

As Sportico's Eben Novy-Williams noted, the Angelos family's interest in structuring the deal around Peter's death has to do with the potential tax hit:
Should the Orioles sell while Peter Angelos is still alive, it could cost the family hundreds of millions in capital-gains taxes, a number that would decrease if the team is sold after his death. That tax burden has been a critical part of the family's thinking in talks with potential buyers.
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Rubenstein, who is from Baltimore, will become the club's "control person" with Major League Baseball -- a fancy way of saying the franchise's main decision maker. Rubenstein's reported interest in buying the Orioles dates back to at least last December. That was an eventful month for the Orioles, as it turned out, with the franchise rushing to come to a new leasing agreement with the City of Baltimore ahead of the Dec. 31 deadline. That agreement will keep the Orioles at Camden Yards for the foreseeable future.
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