Baltimore — With the closing of a deal to acquire the remaining ownership stake in the Orioles, a group led by billionaire David Rubenstein in private equity acquired complete control of the team on Thursday.
On March 27, the day before Opening Day, MLB owners accepted the sale of the club, which Rubenstein’s company had already purchased for 40% of the total.
The minority ownership, which included members of the prior group led by the Angelos family, was acquired by the purchase of the remaining shares. Before Rubenstein assumed that position ahead of the 2019 season, John Angelos was the O’s control man from 2019 to 2018.
The purchase of the remaining shares by Rubenstein’s group proceeded more quickly after the death on March 23 of Peter Angelos, the previous owner. A spokesman for investment bank BDT & MSD said that they oversaw the capital increase.
In a statement, Rubenstein stated, “I thank John Angelos and his family for their leadership and ownership of the team over the last 30 years.” “John oversaw a significant transformation of the farm system, roster, recruitment strategy, and management of the squad. With the help of [manager] Brandon Hyde, his staff, [general manager] Mike Elias, and our fantastic players, we are expanding on these achievements. As we concentrate on winning, we’re excited to have Catie Griggs join us soon as the new team president of business operations.
“We, the ownership group, have a strong commitment to both my hometown and this team. World-class investors, prominent Baltimoreans, and sports icons make up our ownership group. They are all dedicated to the Orioles’ success and Baltimore’s regeneration. We are excited to collaborate with our state and local partners as we renovate Orioles Park, grow the neighborhood around Camden Yards, and improve the experience for all Orioles supporters.”
The Orioles (65–44), the reigning American League East champions, are playing well this year and are currently leading the AL East as of Thursday. The new ownership group has been a constant presence at Camden Yards and around the team.
“I want to extend my sincere thanks to the Angelos family for their stewardship of the Orioles over the years,” ownership partner Michael Arougheti said in a statement. “My partners and I are grateful and humbled by the opportunity to work alongside David Rubenstein and Orioles leadership to help guide the team into its next chapter. It has been energizing to see the outpouring of support from the great city of Baltimore and the best fans in baseball who have taken Orioles game attendance and TV viewership to a new level.
“We’re excited to push through the home stretch and remain committed to supporting Mike Elias, his outstanding leadership team, Brandon Hyde and our incredible players on bringing a World Series title back to Baltimore.”
On Wednesday, Elias shared praise for the new ownership group, which showed a willingness to expand the team’s payroll as the GM made moves ahead of Tuesday’s Trade Deadline.
“You think about it, these guys took over the team at a really unusual time, which was right at Opening Day,” Elias said. “This was really the first opportunity that they had to show their willingness and ability to improve the roster. They certainly gave us everything that we needed to explore everything.”
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