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David Rubenstein

AL East Notes: Rubenstein, Orioles, German, Rays, Red Sox

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“I’m now 75 years old.  It’s unlikely that I’ll be, you know, doing this for 20 more years,” Orioles majority owner David Rubenstein said in a recent interview with NPR (hat tip to Rich Dubroff of Baltimore Baseball).  “So I’ve got to speed up the effort to get [to] a World Series a lot sooner than maybe some younger owners would.”

This might be one of the clearer indications yet that the Orioles are in for their busiest offseasons in a long time, especially since the team is now coming off a pair of playoff appearances with nary a single win from five total postseason games.  This is Rubenstein’s first winter since his ownership bought the team, and as GM Mike Elias implied during his end-of-season press conference, the O’s will have a lot more to spend than in recent years during the club’s rebuild, when the Angelos family was still in charge.

More from around the AL East….

  • Sticking with the Orioles, MASNsports.com’s Roch Kubatko writes that the O’s “had no interest” in right-hander Domingo German in the past, which runs contrary to a report from the New York Post’s Mark W. Sanchez from last January.  German signed with the Pirates on a minors contract last winter and had only a 7.84 ERA in seven appearances and 20 2/3 innings on the big league roster in 2024.  Pittsburgh outrighted German off its 40-man roster in September and he elected free agency earlier this week.  Given his poor recent results and his troubled off-the-field history, it remains to be seen if any MLB teams will take a flier on German for another minor league deal.
  • The top Rays story remains the team’s likely need for a new temporary home to begin the 2025 season, as Tropicana Field sustained heavy damage due to Hurricane Milton.  John Romano of the Tampa Bay Times shares some details about the insurance policies attached to the stadium, and the possibility that the city of St. Petersburg (which is funding the repairs) might simply decide that repairing the Trop isn’t worth it since the Rays’ new ballpark is set to open in 2028.  “We’re going to try to figure out every avenue, both through insurance and otherwise, to try to make sure the Rays have a place to play in St. Petersburg.  But we’re going to make sure that it’s a financially responsible decision,” city council member Copley Gerdes said.  Romano opines that Orlando might check off the most boxes as the Rays’ interim home, as the team could play at the 9500-seat stadium on the ESPN Wide World Of Sports complex at Walt Disney World.
  • The Red Sox promoted Kyle Boddy to the role of director of baseball science on an interim basis, the Boston Globe’s Alex Speier reports (via X).  The position appears to be a newly-created job within the Sox front office, as Brad Alberts is credited in the team’s directory as the “team lead” of baseball sciences, but there is no director position.  Boddy founded the data-based Driveline Baseball training facility in 2012, and then moved into an official role with a big league club when he was the Reds’ pitching coordinator for the majority of the 2020-21 seasons.  The Red Sox brought Boddy aboard last January as an advisor to chief baseball officer Craig Breslow.

MLB Owners Approve Sale Of Orioles To Group Led By David Rubenstein

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March 27: As expected, the Angelos family’s sale of the Orioles to Rubenstein’s group has been approved by the league’s other owners, MLB commissioner Rob Manfred announced in a press release. The approval was unanimous.

“I congratulate David Rubenstein on receiving approval from the Major League Clubs as the new control person of the Orioles,” Manfred said in a statement within today’s release. “As a Baltimore native and a lifelong fan of the team, David is uniquely suited to lead the Orioles moving forward. We welcome David and his partners as the new stewards of the franchise.”

The Orioles will hold a press conference to discuss the sale tomorrow morning at 11am ET.

March 25: Major League Baseball’s other 29 owners will vote on the sale of the Orioles from the Angelos family to a purchasing group led by billionaire David Rubenstein on Wednesday, Britt Ghiroli and Evan Drellich of The Athletic report.

Back in late January, John Angelos agreed to sell the controlling stake in the Orioles — and related assets, including the team’s stake in the MASN network — to Rubenstein’s group for $1.725 billion (a figure announced by the team at the time of the agreement). That sale is still pending majority approval from the league’s 29 other owners, though no pushback on the transition has been expected. Drellich and Ghiroli call the vote “a formality,” which generally aligns with prior reporting and expectations.

As reported back in January, Rubenstein’s group will initially be purchasing a 40% stake in the team — enough to cement him as the franchise’s new control person among other owners but not the entirety of the Angelos family’s stake. At the time the two parties negotiated the sale, it was agreed that the remainder of the Angelos family’s share in the team would be transferred to Rubenstein’s group following the passing of family patriarch Peter Angelos, the former Orioles control person and majority owner who’d since taken a step back due to health concerns and ceded control of the club to his sons, John and Louis (in what became a contentious battle for control of the organization that eventually saw John emerge as control person). This contingent was designed to avoid substantial capital gains taxes for the Angelos family.

Peter Angelos passed away this past weekend at 94 years of age. That won’t accelerate the transfer of the Angelos family’s entire stake in the team to Rubenstein’s group. Drellich and Ghiroli report that Wednesday’s vote will only be on the originally agreed upon 40% stake for Rubenstein & Co.; they’ll eventually formally acquire the remainder of the Angelos family’s 70% stake in the club, but that transaction will not be completed by Opening Day.

Rubenstein, 74, is a Baltimore native and the co-founder of private equity firm the Carlyle Group. Forbes estimated his net worth at $3.7 billion. His ownership group also includes several notable investors, including Orioles icon Cal Ripken Jr., NBA Hall of Famer Grant Hill, former Baltimore mayor Kurt Schmoke, former New York City mayor Michael Bloomberg and Ares Management co-founder Michael Arougheti, among others. Peter Angelos originally purchased the controlling stake in the Orioles for $173MM back in 1993.

AL East Notes: Rosario, Peraza, Chapman, Orioles, Wong

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Before Amed Rosario signed a one-year, $1.5MM deal with the Rays, the Yankees offered the infielder a one-year contract with a significantly higher $4MM salary, the New York Post’s Joel Sherman reports.  While Rosario can earn another $500K in bonus money with Tampa, agent Ulises Cabrera told Sherman that his client was more interested in steady playing time than in extra guaranteed salary, as Rosario would’ve been ticketed as a bench or backup option in the Bronx.  Since Yankee targets Rosario and Enrique Hernandez have now both left the free agent market, Sherman feels the team will keep looking for veteran infield depth, and perhaps might pursue players currently on other rosters who might be cut or squeezed out of jobs late in Spring Training.

Oswald Peraza, of course, is ostensibly already slated to be New York’s backup infielder and backup shortstop in particular.  However, the Yankees might prefer to continue Peraza’s development by giving him everyday work at Triple-A rather than more a sporadic part-time role in the Show.  There is also the question of Peraza’s health, as a right shoulder issue has been bothering the infielder for the last two weeks.  Manager Aaron Boone said the Yankees don’t consider the injury to be overly serious for now, though Peraza is undergoing testing to determine the nature of the problem.

More from around the AL East…

  • The Blue Jays offered Matt Chapman a two-year contract before he signed with the Giants, according to Jon Heyman of the New York Post.  Given how long Chapman lingered on the market, it isn’t surprising that the Jays made a late bid to gauge his interest in a return to Toronto, even if Chapman’s “first choice” as per Heyman was reuniting with his old manager Bob Melvin in San Francisco.  It can probably be assumed that the Blue Jays’ offer contained a player opt-out after the 2024 season, given how Chapman’s eventual three-year deal with the Giants has opt-outs after each of the first two years, plus both sides have a mutual option for the 2027 season.  Re-installing Chapman at third base would’ve solidified the Jays’ infield situation, even if it would’ve made for a crowded mix of players fighting for regular work at second base and in backup roles.  Had Chapman re-signed, Justin Turner would’ve been limited to first base and DH at-bats, and Isiah Kiner-Falefa, Davis Schneider, and Santiago Espinal all would’ve been vying to be the right-handed hitting side of a second base platoon with Cavan Biggio.
  • Virtually all of Kolten Wong’s Major League experience has come as a second baseman, though his appearance at third base in yesterday’s Grapefruit League game marked his first time at the hot corner since college, Wong told MLB.com’s Jake Rill and other reporters.  “That’s just how the trend is going nowadays, is being versatile,” Wong said, and he is more than happy to shift positions if it means winning a job on the Orioles’ roster.  Wong is signed a minor league deal with Baltimore and is looking to rebound after a dismal 2023 season, though he’ll be in for a tough competition on a roster loaded with young infield talent and a couple of more established veterans in Jorge Mateo and Ramon Urias.
  • David Rubenstein’s impending purchase of the Orioles took another step towards completion yesterday when the league’s ownership committee approved the sale.  (ESPN’s Jeff Passan was among those to report on the news.)  Rubenstein will now need approval from the eight-man executive council, and then receive at least 23 of the votes from all 30 ownership groups in order for the sale to be completely finalized.  The process isn’t expected to run into any roadblocks, so the sale could be official in April.

Orioles Notes: Ownership, Santander, Tate

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The Orioles ownership change could be made official in the coming weeks. Evan Drellich of the Athletic wrote yesterday that MLB is likely to formally approve the sale of the O’s to David Rubenstein by April. According to Drellich, there’s a small chance the deal could be completed before Opening Day.

Rubenstein agreed to purchase the franchise from the Angelos family in late January for $1.725 billion. He’ll assume control of 40% of the organization initially and will reportedly take on the majority stake upon the passing of Peter Angelos. The agreement still needs to be approved by MLB owners but that’s largely a formality.

Receiving that rubber stamp still marks a key moment for the franchise. The fanbase is hopeful that Rubenstein will authorize the kind of long-term investment from which the organization has shied away since John Angelos became control person. The O’s finally made their long-awaited consolidation trade for an ace to install Corbin Burnes at the front of the rotation. They haven’t pulled off an analogous strike on the free agent or extension fronts. Félix Bautista’s $1MM salary and a handful of option buyouts are the only contractual commitments beyond this year.

Burnes headlines their group of players who’ll hit free agency after the upcoming season. The former Cy Young winner has spoken about his desire to get to the open market. Anthony Santander is perhaps the second-most impactful of Baltimore’s possible free agents. He has spent his entire MLB career with the O’s after being selected in the 2016 Rule 5 draft. The switch-hitting outfielder indicated he’d be happy to stay off the market.

“I would love that,” Santander replied when asked about an extension (link via Matt Weyrich of the Baltimore Sun). “That’s something that we always talk about outside of this room with my family and friends. I would love to stay here. We leave that business side to the front office. We’re just here to live in the moment right now, prepare ourselves.”

While Santander projects as one of the more effective hitters in the upcoming class, it’s possible the O’s don’t feel much urgency in extending him. Baltimore’s stockpile of young talent extends to the outfield. In addition to established starters Cedric Mullins and Austin Hays (both of whom are under control through 2025), the O’s have Heston Kjerstad, Colton Cowser and Kyle Stowers as controllable outfielders who have reached the majors. They could count on someone from that group stepping into a regular role for ’25 and beyond.

Baltimore would be able to make Santander a qualifying offer in the absence of a long-term deal. It seems unlikely they’d want to offer a one-year salary that’d exceed $20MM, but Santander could play his way into legitimate QO consideration if he turns in another season like his 2023 campaign. He’s coming off an impressive .257/.325/.472 showing with 28 homers.

The O’s can delay that decision until next winter. Their more immediate focus is on defending last year’s AL East crown. Getting Dillon Tate back into high-leverage innings would be a nice boost towards those efforts. The former #4 overall pick turned in a 3.05 ERA over a career-high 73 2/3 frames back in 2022. He missed all of last season nursing a flexor strain but avoided surgery and is back in the bullpen mix this spring. Tate threw a perfect inning with a strikeout of Ryan Kreidler in today’s exhibition game against Detroit, his first game action of the year.

Orioles Notes: Holliday, Mateo, Hays, Ownership

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Jackson Holliday is among the non-roster players who received an invitation to big league Spring Training with the Orioles. There was never any doubt the sport’s top prospect would be in MLB camp as he tries to lock down a spot on the Opening Day roster. Baltimore will take advantage of exhibition play to get the 2022 #1 pick experience at both middle infield spots.

General manager Mike Elias told 105.7 The Fan (X link) on Tuesday that the O’s will get Holliday “a lot” of work at second base in camp. The 20-year-old has started 25 games at the keystone in his minor league career. Holliday has made 110 starts at his primary shortstop spot. While the O’s certainly aren’t moving him off the infield’s most demanding position, there’s no harm in building his experience on either side of the second base bag.

Baltimore has plenty of infield talent even after including Joey Ortiz in the Corbin Burnes trade. Rookie of the Year Gunnar Henderson can handle either position on the left side. Jordan Westburg split his time between second and third base while posting a solid .260/.311/.404 batting line over his first 228 MLB plate appearances.

Elias said the O’s would like to have a left-handed hitter who could factor into the second base mix, where the righty-swinging Westburg is in line for the majority of the playing time. Holliday could fit that bill once he’s officially called up, occasionally taking second base reps against tough right-handed starters (with Henderson sliding from third base to shortstop in that scenario). Baltimore acquired another lefty-hitting infield option, Nick Maton, in a small trade with Detroit last night.

The glut of infield talent should push last year’s Opening Day shortstop, Jorge Mateo, out of the regular lineup. The speedster remains on the roster despite speculation he could be traded or even non-tendered. Elias told The Fan that Mateo will see a decent amount of outfield run in Spring Training as he prepares for a utility role. While Baltimore has played Mateo mostly in the middle infield over the past two seasons, he has seen action in center field during his career.

Barring injury, Mateo isn’t going to be a regular on the outfield grass. He’s a good enough athlete to cover all three spots behind the projected starting trio of Austin Hays, Cedric Mullins and Anthony Santander. Top prospects Colton Cowser and Heston Kjerstad reached the majors last year. Kyle Stowers, Ryan McKenna and Sam Hilliard are all on the 40-man roster as well.

Hays found himself in the news this week, as the righty-hitting outfielder triumphed in his arbitration case against the club. He secured a $6.3MM salary for his second of three trips through that process. Hays is on track to get to free agency after the 2025 season, but his camp seems amenable to working out a long-term deal.

Francis Marquez, Hays’ representative at the MAS+ Agency, told Danielle Allentuck and Andy Kostka of the Baltimore Banner that there were no hard feelings coming out of the hearing. That’s not always the case, as some players bristle at being criticized by team representatives in what is an inherently adversarial proceeding.

“It could’ve been something that would’ve derailed a lot of good faith that has been built, and it did not,” Marquez told the Baltimore Banner. “Unabashedly, Austin is an Oriole, and he feels that he is young enough and he’s good enough to be a member of the Orioles for a long time, not just the time that he has in the arbitration system. So I think in an ideal world, 100%, Austin Hays would like to be a player who just wears an Orioles uniform during his career.”

It’s unclear whether the team has any interest in retaining Hays beyond his six-year control window. Marquez told Allentuck and Kostka that there have not been any extension talks to this point. With highly-regarded prospects like Cowser, Kjerstad, Stowers and last year’s first-round selection Enrique Bradfield Jr. in the system, Baltimore could decide to wait things out on their current starting outfield.

There’s ample long-term payroll space for the O’s if they decide to begin committing to some members of the core, Hays or otherwise. Baltimore’s only obligations beyond the upcoming season are a $1MM salary for star closer Félix Bautista and option buyouts to Craig Kimbrel, Danny Coulombe and Cionel Pérez.

Baltimore fans are hopeful the incoming ownership group will sign off on the kind of long-term deals which the team hasn’t made since John Angelos became point person. The incoming group led by David Rubenstein is set to take control of 40% of the franchise, pending approval from MLB’s other owners. (He’d assume a majority stake upon the passing of Peter Angelos.) Matt Weyrich of the Baltimore Sun reported that a nine-person committee discussed the terms of the sale agreement at this week’s owners’ meeting. Weyrich suggests that MLB could move quickly to approve the sale based on their familiarity with Rubenstein, perhaps voting on it within a couple months.

Latest Details On Sale Of Orioles

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The baseball world got a shocking development this week when it was reported that the Angelos family would be selling the club to an investment group led by David Rubenstein. The next day, the club confirmed the agreement with an announcement of the $1.725 billion sale.

Details continue to trickle out about the deal, with Pamela Wood of The Baltimore Banner looking backwards to the club’s negotiations with the State of Maryland. The Orioles and state officials were in contact for much of last year. The club’s lease of Camden Yards was set to expire after 2023 and the two sides took talks down to the middle of December before a new lease was approved.

There were plenty of speed bumps along the way. It was in early December that it was initially reported that Rubenstein was in talks to purchase the club. That seemed to delay the lease talks, with state senator Bill Ferguson expressing trepidation about giving out land development rights to an organization with an unclear ownership structure. The land development rights were part of the talks because John Angelos was reportedly attempting to leverage the negotiations into getting public land for a mixed-use project, combining Camden Yards with commercial and residential spaces.

Per Wood’s report, Angelos did not give Governor Wes Moore or other state officials any kinds of heads up about the sale agreement. Treasurer Dereck Davis said that Angelos “categorically denied that that they were for sale” before selling the team. “It wasn’t just that we weren’t told something. We were lied to,” Davis said.

“The transparency that was required — it was not there,” Gov. Moore said. “And it’s disappointing.”

“I do think that John’s behavior displayed an incredible lack of respect for the state and our role in working with the Baltimore Orioles and our role as the owners of the home of the Baltimore Orioles,” comptroller Brooke Lierman said. “It’s incredibly disappointing, although, frankly not surprising.” Despite the harsh words, it seems state officials suspected something was up and proceeded accordingly. “That said, we crafted an agreement in such a way that it would not matter who owned the Orioles because I think many of us believed that the Angelos family’s days as owners were numbered anyways,” Lierman said. “It was important for us to protect the state and taxpayers and our assets, no matter who the owners are.”

Though the two sides did eventually get a deal done, Angelos did not get the land he craved. The 30-year agreement does give the club a chance to opt out after 15 years if they don’t get a development deal within the next four years. Ken Rosenthal and Britt Ghiroli of The Athletic also reported on the sale this week, relaying that some people in baseball believe that the lack of a land deal was part of what motivated Angelos to sell. On top of that, the family is also looking to improve its liquidity. Rosenthal and Ghiroli relay that they are looking to sell various assets, including One Charles Center, a 22-story office tower in Baltimore.

Going forward, the sale still needs to be approved by Major League Baseball. The owners are having a scheduled meeting next week but Buster Olney of ESPN reports that the sale is not on the docket. Rosenthal and Ghiroli suggest it will likely take months for the league to conduct background checks on everyone in the ownership group. Per Wood and Andy Kostka of the Baltimore Banner, the full group includes New York businessman Michael Arougheti, his partners Mitchell Goldstein and Michael Smith, Orioles Hall of Fame shortstop Cal Ripken Jr., former mayor of New York Michael Bloomberg, former mayor of Baltimore Kurt Schmoke, Washington Spirit majority owner Michele Kang and NBA Hall of Famer Grant Hill.

There’s also the future of the MASN issue to be considered. The Orioles and Nationals share ownership of the network, which has the broadcast rights for both clubs, with the O’s currently owning 76% of the network but dropping to 67% by 2032. Those details were worked out as part of the agreement to move the Expos from Montreal to Washington almost 20 years ago. As a compromise for moving a club into Baltimore’s territorial range, the O’s got control of the Nationals’ TV rights and the two sides have been disputing the finances of that arrangement for quite some time.

The Lerner family has been trying to sell the Nats for almost two years now, announcing in April of 2022 that they would explore the possibility. There’s been little apparent progress towards a deal, however, with reporting from about this time a year ago suggesting the MASN dispute was a key factor. Rosenthal and Ghiroli suggest that Rubenstein might sell the O’s share of MASN to Ted Leonsis, with some in the industry expecting that to eventually happen.

Leonsis owns the Washington Wizards, Washington Capitals, and Washington Mystics, as well as the Monumental Sports Network, which broadcasts those three clubs. Getting the Orioles’ TV rights could enhance the programming options for Monumental. It was reported in November of 2022 that the Lerner family was hoping to get $2.5 billion in selling the Nats but the TV rights situation was preventing them from getting to that price point. Rosenthal and Ghiroli report today that Leonsis had offered $2.2 billion. It’s unknown whether Leonsis acquiring Baltimore’s MASN share would impact any future negotiations with the Lerners.

All told, there will be plenty of domino effects worth watching out for as the situation progresses.

Reports: Angelos Family Agrees To Sell Orioles

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The Angelos family plans to sell the Orioles to a group led by two private equity billionaires, David Rubenstein of the Carlyle Group and Mike Arougheti of Ares Management Corp., as first reported by Sportico and John Ourand of Puck News. Andy Kostka, Pamela Wood and Danielle Allentuck of the Baltimore Banner report that various others will have smaller ownership roles — including franchise icon Cal Ripken Jr.

Neither the Orioles nor MLB have yet commented on the news. The deal cannot be made official without league approval. Longtime O’s beat reporter Dan Connolly tweets that the owners will discuss the sale agreement at a previously scheduled owners meeting next week.

It was reported back in December that Rubenstein, a Baltimore native, was in talks to purchase the club. Rubenstein will eventually become the franchise’s “control person” assuming the deal is approved. Ourand reports the sale price will be $1.725 billion, about 10 times the $173MM for which the Angelos family purchased it in 1993.

The franchise will not be sold in its entirety right away. According to Ourand, the Rubenstein group will initially acquire roughly 40% of the ownership stake. The remainder of the Angelos’ family share will be transferred once longtime owner Peter Angelos, now 94, passes away. Previous reports have indicated the family would incur significant capital gains taxes if they sell the franchise in its entirety before Peter Angelos’ death.

It could be a franchise-altering piece of news for the Orioles and their fans. The Angelos family has owned the club since 1993. It was at that time that Peter Angelos was the principal investor of a group that bought the O’s. He collapsed in 2017 due to the failure of his aortic valve, leading his wife Georgia and sons John and Lou to take on more sizeable roles.

Reports emerged in June of 2022, highlighting infighting between the family members about control of the franchise. The league evidently approved John Angelos as the club’s “control person” in 2020, but multiple lawsuits between the family members were filed. The reporting surrounding those legal disputes revealed that Georgia hired Goldman Sachs to explore a possible sale. The various family lawsuits were dropped about a year ago as part of a reported settlement. “I would say that there’s not a plan to change the principal ownership or the managing partnership and there would be no reason to,” John said in February of last year.

As that drama has been playing out behind the scenes, there has also been a lot of public uncertainty surrounding the organization. Their lease agreement with the State of Maryland for Camden Yards was set to expire at the end of 2023. John Angelos was reportedly attempting to leverage the negotiations for a new lease to acquire public land. The idea seemed to be to transform the area based on the example set by the Braves with The Battery and Truist Park, allowing the O’s to develop a mixed-use area including various retail and commercial spaces.

A new lease agreement was eventually approved in mid-December, just before the previous deal was set to expire. As part of that deal, the O’s are committed to Camden Yards for the next 15 years, which can be expanded to 30 years if a new development plan is approved in the next four years. The discussions between Rubenstein and the Angelos family briefly held up government approval of the new lease. At the time, John Angelos reportedly assured Maryland governor Wes Moore there were no plans to sell a majority share of the franchise. That now seems set to change.

On top of the stadium situation, the Orioles and Nationals have an ongoing dispute concerning the Mid-Atlantic Sports Network. The two clubs share ownership of the network but with the O’s in the majority, presently around 76% and dropping to 67% by 2032. Those details were part of the agreement between the O’s and MLB to facilitate the relocation of the Expos from Montreal to Washington and therefore into the Orioles’ territorial range. The two clubs have been battling each other over the rights free related to MASN for many years.

Jeff Barker of the Baltimore Sun reports that Rubenstein will also acquire the O’s share in MASN. It’s not yet clear if there’ll be any change in the relationship between the Orioles and the Nationals.

Then there’s the on-field product, which could perhaps be related to the ownership situation. The club has been rebuilding for much of the period after Peter Angelos’ health issues, but they quite clearly emerged from that rebuild in recent seasons. They posted terrible results from 2018 to 2021 but stockpiled young talent in the process. As their young players started graduating to the majors, they managed to go 83-79 in 2022. They followed that up with a 101-win campaign last year, winning the American League East.

Despite those better results of late, the club has made almost no moves that commit long-term money or give up their young talent in order to bolster the current roster. Their stacked farm system has led to plenty of speculation about a blockbuster deal involving someone like Dylan Cease, but nothing has materialized. Meanwhile, their free agent spending this winter has been limited to a one-year deal for reliever Craig Kimbrel.

Taken all together, there are plenty of questions to be answered about how the franchise will proceed. While many O’s fans will be happy to see the Angelos family depart, it’s unknown how different the new regime will be. If the deal is completed, a picture of the future for the franchise will gradually come into focus. As it does, it could have ramifications for the team and others such as the Nats, as well as the city of Baltimore and the State of Maryland.

Rubenstein, 74, is the co-founder and co-chairman of the Carlyle Group, a private equity company. He was born in Baltimore and Forbes estimates his net worth as $3.7 billion.

David Rubenstein Reportedly In Talks To Acquire Baltimore Orioles

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Carlyle Group founder David Rubenstein is in talks to acquire the Baltimore Orioles, according to a report from Gillian Tan of Bloomberg. The O’s are currently owned by the Angelos family.

It’s unclear at this point what stage the talks are at or if any kind of deal is close at this time. It also doesn’t seem like Rubenstein is the only person pursuing the club, as the report states that he is “among suitors pursuing a transaction.” Whether the Angelos family has pursued this or have merely been approached by prospective buyers isn’t clear, but there has been plenty of uncertainty in recent years about the future of the franchise.

Peter Angelos, now 94, was the principal investor of a group that purchased the franchise in 1993. After he collapsed in 2017 due to the failure of his aortic valve, larger roles were taken up by his wife Georgia and sons John and Lou. In June of 2022, reports emerged of infighting between the family about control of the club, with MLB approving John as the club’s “control person” in 2020. Multiple lawsuits were filed and the reporting of the legal battle revealed that Georgia had hired Goldman Sachs to look into a possible sale of the club. In February of this year, it was reported that the family members had reached an agreement to drop their lawsuits against each other. “I would say that there’s not a plan to change the principal ownership or the managing partnership and there would be no reason to,” John said on the matter in February.

Amid all of the drama over the ownership situation, there has also been an ongoing situation regarding Oriole Park at Camden Yards. The club’s lease on the facility runs through 2023. They had an opportunity to extend that for five years but chose in February not to do so. The hope was that they could work out a longer deal that would allow them to take advantage of a new Maryland law and borrow $600MM for stadium upgrades. Both John and Maryland Governor Wes Moore have made public statements expressing optimism about getting a new deal done.

In August it was reported that John was trying to leverage the stadium negotiations into acquiring public land. He reportedly envisioned developing a mixed-use area with commercial and retail spaces, emulating to The Battery and Truist Park where the Braves play in Georgia.

In September, John and Gov. Moore announced a new 30-year lease between the club and the state, though this was actually misleading. Reporting from the next day revealed that they had merely signed a memorandum of understanding, which was legally non-binding. The lease is still set to expire on December 31 and recent reporting has suggested the two sides may have to sign a short-term extension of a year or perhaps even go month-to-month, per Hayes Gardner of The Baltimore Sun, while working out a longer deal.

In addition to all of that, the club has made almost no long-term investments in any players. The O’s haven’t signed a free agent to a multi-year deal since March of 2018, with was Alex Cobb’s four-year deal. Since then, the only contracts longer than one year the club has given out have been two-year extensions to John Means and Félix Bautista, both players that were already under club control and rehabbing from Tommy John surgery. For much of that time, the club was in rebuilding mode. But even as they have returned to contention in the last two years, including winning the AL East with 101 wins in 2023, they have yet to make any kind of commitment to anything down the road.

Rubenstein, 74, is the co-founder and co-chairman of the Carlyle Group, a private equity company. He was born in Baltimore and Bloomberg estimates his net worth as $4.6 billion, though Forbes comes in below that at $3.6 billion. Forbes also currently values the Orioles franchise at $1.713 billion, about 10 times more than the $173MM price point when it was purchased in 1993.

To this point, it’s unclear if Rubenstein actually has a chance of acquiring the club or if he would approach any of the aforementioned issues differently. But if he were able to seal the deal and change the way the club operates, that would obviously be a franchise-altering development. It could also have ripple effects outside the O’s since they have an ongoing dispute with the Nationals over MASN and rights fees dating back to the Nats moving from Montreal to Washington in 2005. The Lerner family has been trying to sell the Nats in recent years but that MASN dispute has reportedly been a significant obstacle in doing so.

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