Early Tuesday afternoon, Sportico reported that the Angelos family was preparing to sell the Orioles to a group led by two private equity billionaires. They named the billionaires as David Rubenstein and Mike Arougheti.

Rubenstein, a Baltimore native, has been talking about buying the Orioles dating back to December. According to another report by Andy Kostka, Pamela Wood and Danielle Allentuck of the Baltimore Banner, there will be other minority owners including franchise icon Cal Ripken Jr.

Though, the deal still has to be approved by the league. The sale of the Orioles could likely happen before the start of the 2024 Spring Training. As the team still has not made an announcement either. The other MLB owners will discuss the deal at their next previously scheduled business meeting next week, according to Longtime O’s beat reporter Dan Connolly.

The Angelos family has had control of the Orioles for nearly three decades. Though, the regime has not yielded much success with Baltimore making only six playoff appearances and winning only three AL East crowns, one of which came in 2023. When Peter Angelos’ health started to decline sons Louis and John took on more leadership roles.

If the Angelos family do in fact sell the Orioles, the O’s fans should be thrilled. There’s a virtual certainty that the new ownership will see an increased cash flow. However, until Peter’s death, it appears that the new ownership group will only buy 40% of the shares. Then once Peter Angelos passes away, they will buy the rest.

***

This is a developing story. Stay tuned for updates.

Click Here for more MLB Content

Subscribe to Fantom’s Twitch

Subscribe to Fantom’s YouTube

Follow Fantom Sports on Twitter!