Major League Baseball’s owners have unanimously approved private-equity billionaire David Rubenstein as the new owner of the Baltimore Orioles.
The accelerated sale, which will eventually give Rubenstein and his ownership group 70% of the Orioles, transferred control of the team to him less than two months after he agreed to buy it from the Angelos family.
The $1.725 billion valuation for the Orioles is the third highest for the sale of a baseball team, behind Steve Cohen’s $2.4 billion deal for the New York Mets in 2020 and the $2.15 billion purchase of the Los Angeles Dodgers by a group led by Mark Walter in 2012. Peter Angelos bought the Orioles in 1993 for $173 million.