Baltimore Orioles sold to David Rubenstein after MLB owners approval

BALTIMORE -- Major League Baseball owners unanimously approved the sale of the Baltimore Orioles to a group led by David Rubenstein, the team announced Wednesday.  

The vote was the final hurdle for Rubenstein and his ownership group to take control of the team at a price tag of $1.725 billion. 

"To own the Orioles is a great civic duty.  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," Rubenstein said in a statement. 

The sale comes after the death of longtime Oriole's owner Peter Angelos on Saturday.    

According to the agreement, Rubenstein will become the "control person" of the Orioles, while the Angelos family will continue to be a major investor after the deal's close. 

John Angelos will work with Rubenstein as a senior advisor.

Rubenstein, 74, has a net worth of $4.6 billion, according to the Bloomberg Billionaires Index. He made his fortune in private equity.

Along with Rubenstein, the new ownership group includes Orioles legend Cal Ripken Jr., Basketball Hall of Famer Grant Hill, billionaire Michael Bloomberg, and former Baltimore Mayor Kurt Schmoke, who attended Baltimore's City College High School with Rubenstein.    

The approval comes a day before Opening Day. The Orioles are coming off a 101-win season, an American League East title and a postseason berth. 

The state and the Orioles agreed in December to a lease extension at Oriole Park that will keep the team in downtown Baltimore for at least another 15 years.

The extension comes with about $400 million in state funds for ballpark improvements.

Marking the start of a new chapter for the O's, Rubenstein says he hopes to return a World Series trophy to Baltimore.