David Rubenstein explains on Bloomberg TV why he wants to purchase Baltimore Orioles
BALTIMORE - David Rubenstein, whose investment group is expected to buy the Baltimore Orioles once MLB gives its approval, spoke about why he agreed to purchase the franchise.
The Baltimore native, who went to high school at City College, wrote on social media that he wanted to "give back to my hometown," "I enjoy sports" and "It is a good investment."
Rubenstein spoke about the transaction on Wednesday with Bloomberg TV.
The investment group led by Rubenstein will purchase the Orioles for $1.725 billion from the Angelos family once 75 percent of MLB owners approve the sale.
"First, I am front Baltimore and I grew up rooting for the Baltimore Orioles," Rubenstein said. "A deal has been announced between the current owner and a group that I put together. Hopefully it will be approved in the not-so-distant future."
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 close of the deal. John Angelos will work with Rubenstein as a senior advisor.
"I'm interested in it because I want to give back to my hometown," Rubenstein said. "I enjoy sports and I think it is a very good investment opportunity."
Rubenstein, co-founder of The Carlyle Group, is joined in the investment by Michael Arougheti, Co-Founder and Chief Executive Officer of Ares Management; Mitchell Goldstein and Michael Smith, Co-Heads of the Ares Credit Group; Orioles' legend Cal Ripken Jr.; Kurt Schmoke, former Baltimore Mayor; Grant Hill, NBA Hall of Famer; Mike Bloomberg, entrepreneur and philanthropist; Michele Kang, business leader; and other investors.
"I think that anybody who sells a sports franchise doesn't want to sell it to somebody that's going to ruin the franchise," Rubenstein said. "So, you have to say why you think you are going to make it even better than someone who has already had it. I think we can do a good job with it. We are going to bring back a lot of people who are well-known in Baltimore. I think we can assemble a good group of people who care about Baltimore."
Rubenstein, 74, has a net worth of $4.6 billion, according to the Bloomberg Billionaires Index. He made his fortune in private equity.
In December, a new long-term lease agreement was approved that would keep the Orioles at Camden Yards.
The Orioles are coming off a 101-win season, their best since 1980. They also made it to the playoffs, along with winning the American League East for the first time since 2014.
The team has a lot of young talent to showcase, led by Adley Rutschman, Gunnar Henderson, Jackson Holliday and Grayson Rodriguez, and last week traded for former Cy Young Award winner Corbin Burnes.
Orioles pitchers and catchers reported on Wednesday to the Spring Training facility in Sarasota, Florida.
