BALTIMORE -- One day before Opening Day, a new era of Baltimore baseball has begun.

On Wednesday, the sale of the control stake of the Orioles was finalized, with ownership being transferred from the Angelos family to a group led by private equity billionaire David Rubenstein. MLB owners approved the sale unanimously in the final step of a process that began when an agreement was reached Jan. 31.

The control stake of the team -- along with its related assets, including its stake in the Mid-Atlantic Sports Network -- was sold for $1.725 billion to Rubenstein, a Baltimore native and the co-founder/co-chairman of The Carlyle Group.

"I congratulate David Rubenstein on receiving approval from the Major League Clubs as the new control person of the Orioles," MLB Commissioner Rob Manfred said. "As a Baltimore native and a lifelong fan of the team, David is uniquely suited to lead the Orioles moving forward. We welcome David and his partners as the new stewards of the franchise."

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.

"To own the Orioles is a great civic duty," Rubenstein said. "On behalf of my fellow owners, I want the Baltimore community and Orioles fans everywhere to know that we will work our hardest to deliver for you with professionalism, integrity, excellence, and a fierce desire to win games.

"I thank John Angelos and his family for all they have done to bring us to this point. John led a dramatic overhaul of the team's management, roster, recruitment strategy, and farm system in recent years. Our job is to build on these accomplishments to advance a world-class professional sports agenda – with eyes on returning a World Series trophy to Baltimore."

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

Rubenstein has reportedly purchased a 40% stake of the team. According to a report by The Athletic, he and his ownership group will soon acquire the remainder of the Angelos family’s 70% stake.

Peter Angelos, who purchased the Orioles for $173 million in October 1993, died Saturday at the age of 94.

"I thank our entire partnership group and our talented front office team for their confidence and support of my efforts to restore the Orioles to elite status in Major League Baseball, to renew and extend our long-term partnership in Baltimore so that the next generation of Marylanders will grow up enjoying the Birds of Baltimore, and to transition stewardship of the Club to David and his partnership group," John Angelos said.

"Capping our organizational turnaround with a championship in perhaps the toughest division in sports, while fulfilling my pledge that the O's would forever play ball in Charm City, dovetails perfectly with the privilege to now pass stewardship of Baltimore's iconic team to a Baltimore native, passionate American, and celebrated philanthropist in David Rubenstein. The Orioles are in great hands, and the Club, as well as the City and State that it calls home, are well positioned for success into the future."

Although the sale had not yet been finalized, Rubenstein attended several Orioles Spring Training games in Sarasota, Fla., this year. The 74-year-old watched multiple games from a suite at Ed Smith Stadium, often sitting next to John Angelos. Rubenstein also walked around the seating area and concourse at times, interacting with fans.

On Tuesday, Rubenstein and Ripken visited Camden Yards prior to the team's workout and met with manager Brandon Hyde, infielder Gunnar Henderson and others.

The Orioles will play their first game under new ownership Thursday, when they host the Angels at Camden Yards to open the 2024 season. Expectations are high for Baltimore, which went 101-61 while winning the American League East last year and then made a blockbuster trade for ace Corbin Burnes this winter.

With a strong core of young talent and the top-ranked farm system in baseball, the Orioles are aiming for a long run of sustained success. Since the franchise relocated to Baltimore in 1954, the O’s have won three World Series championships. Their most recent title came in ‘83.

“I look forward to working with all the Orioles owners, players and staff to build upon the incredible success the team has achieved in recent seasons,” Rubenstein said in a statement in January. “Our collective goal will be to bring a World Series trophy back to the City of Baltimore.”

A press conference featuring Rubenstein and Maryland Governor Wes Moore will be held Thursday at 11 a.m. ET at Camden Yards.