New owner Rubenstein discusses Orioles purchase

A day after the sale of the control stake of the Orioles was finalized, private equity billionaire David Rubenstein and his partnership group were introduced in a live news conference at Oriole Park at Camden Yards on Thursday.

MLB owners approved the sale unanimously on Wednesday in the final step of a process that began when an agreement was reached Jan. 31. The sale was previously approved by MLB’s ownership committee earlier this month, with 23 (out of 30) assenting votes (including the Orioles) needed for approval.

The members of Rubenstein’s ownership group, who will need to be approved by MLB, will include: Baseball Hall of Famer and Orioles legend Cal Ripken Jr.; Ares Management co-founder/CEO Michael Arougheti; Ares Credit Group co-founders Mitchell Goldstein and Michael Smith; former Baltimore Mayor Kurt Schmoke; NBA Hall of Famer Grant Hill; entrepreneur/philanthropist Mike Bloomberg; business leader Michele Kang; philanthropist Bill Miller; and other investors.

Rubenstein becomes the team’s “control person,” a role that had been held by John Angelos since 2019.