Carlyle billionaire David Rubenstein to buy MLB's Baltimore Orioles: reports

Billionaire David Rubenstein leads group buying Baltimore Orioles for $1.7 billion. Michael Arougheti and Cal Ripken, Jr. also expected to be involved.

Famed private equity investor David Rubenstein, one of the cofounders of Carlyle Group, is reportedly leading a group that is set to purchase the Baltimore Orioles. This news was first reported by Puck, which stated that Rubenstein, a Baltimore native, is expected to acquire a 40% stake in the Major League Baseball franchise. The deal is said to value the Orioles at around $1.7 billion.

Joining Rubenstein in this venture is Ares Management CEO Michael Arougheti and former Orioles shortstop Cal Ripken, Jr. Rubenstein is anticipated to take on the role of the team's main decision-maker as the designated "control person," as reported by The Athletic.

The Orioles have been owned by the Angelos family since 1993, but due to Peter Angelos' illness since 2018, his son John has been managing the team in his absence. The deal is still subject to approval by MLB, according to the Financial Times.

Rubenstein's involvement in the purchase of the Orioles comes at a time when private equity firms have been increasingly investing in US sports leagues. Data from PitchBook shows that these firms have connections with a significant number of MLB and NBA teams.

This news follows a recent report by Bloomberg that Marc Lasry, a cofounder of Avenue Capital Group, is part of a consortium planning to inject billions of dollars into the PGA Tour. Additionally, in May, Apollo Global Management cofounder Josh Harris agreed to buy the NFL's Washington Commanders for over $6 billion, marking a record sum for a US sports franchise.

The involvement of prominent private equity figures in these major sports deals reflects the growing influence and investment power of the industry in the world of professional sports.