Rubenstein ownership group takes full control of Orioles

BALTIMORE -- The Orioles’ majority ownership group led by private equity billionaire David Rubenstein took full control of the team on Thursday, when a deal closed for the group to purchase the remainder of the organization.

Rubenstein’s group previously bought 40% of the club, with the sale being approved by MLB owners on March 27, the day before Opening Day.

The purchase of the remaining shares bought out the minority ownership consisting of members from the previous group, which was led by the Angelos family. John Angelos had served as the control person of the O’s since 2019, before Rubenstein took over that role prior to the start of the ‘24 season.

The process for Rubenstein’s group to buy out the remaining shares moved quicker following the death of former owner Peter Angelos on March 23. Investment bank BDT & MSD coordinated the raise of capital, according to a spokesperson.

“I thank John Angelos and his family for their leadership and ownership of the team over the last 30 years,” Rubenstein said in a statement. “John led a dramatic overhaul of the team’s management, roster, recruitment strategy and farm system. We are building on these accomplishments thanks to the outstanding work of [general manager] Mike Elias, his leadership team, [manager] Brandon Hyde and our great players. We’re thrilled to have Catie Griggs soon join us as the new team president of business operations as we focus on winning on and off the field.

“As an ownership group, we are firmly committed to this team and to my hometown. Our ownership group comprises a group of world-class investors, Baltimore leaders and sports legends who are committed to the success of the Orioles and the revitalization of Baltimore. We look forward to working with our partners in the city and state as we refurbish Orioles Park, develop the area surrounding Camden Yards and enhance the experience for all Orioles fans.”

The defending American League East champion Orioles (65-44) are having success again this season -- entering Thursday in first place in the AL East -- and the new ownership group has been a consistent presence around the team and Camden Yards this year.

“I want to extend my sincere thanks to the Angelos family for their stewardship of the Orioles over the years,” ownership partner Michael Arougheti said in a statement. “My partners and I are grateful and humbled by the opportunity to work alongside David Rubenstein and Orioles leadership to help guide the team into its next chapter. It has been energizing to see the outpouring of support from the great city of Baltimore and the best fans in baseball who have taken Orioles game attendance and TV viewership to a new level.

“We’re excited to push through the home stretch and remain committed to supporting Mike Elias, his outstanding leadership team, Brandon Hyde and our incredible players on bringing a World Series title back to Baltimore.”

On Wednesday, Elias shared praise for the new ownership group, which showed a willingness to expand the team’s payroll as the GM made moves ahead of Tuesday’s Trade Deadline.

“You think about it, these guys took over the team at a really unusual time, which was right at Opening Day,” Elias said. “This was really the first opportunity that they had to show their willingness and ability to improve the roster. They certainly gave us everything that we needed to explore everything.”