Report: Orioles to Be Sold by Angelos Family to David Rubenstein's Group for $1.725B

After more than three decades of ownership, the Angelos family is reportedly moving on from the Baltimore Orioles.

David Rubenstein and Mike Arougheti have agreed to purchase the MLB franchise for $1.725 billion, according to John Ourand of Puck News.

Peter Angelos has been the majority owner of the Orioles since 1993. The regime has not yielded much success, with Baltimore making only six playoff appearances and winning only three AL East crowns, though one did come in 2023.

The future of the franchise has been up in the air since Angelos became incapacitated in 2017 after a fall. In-fighting among the Angelos family has led to inconsistent leadership and a payroll that regularly ranks among the lowest in baseball, much to the ire of the Orioles faithful.

Baltimore ranks 29th in payroll for the 2024 season, behind only the lowly Oakland Athletics, who are in the midst of a bitter move to Las Vegas. The Orioles have regularly ranked last or next-to-last in payroll for more than a half decade.

Fans will undoubtedly be thrilled to have the ownership group change, and it's a virtual certainty Baltimore will see an increase in cash flow.

Rubenstein is a Baltimore native who has a net worth of $3.7 billion, according to Forbes, while Arougheti has amassed a fortune of $1.8 billion.

Rubenstein reportedly plans to buy 40 percent of the Orioles before Angelos' death, at which point he will complete the purchase for the remaining shares.