Baltimore Orioles now fully owned by David Rubenstein's group
BALTIMORE - The Baltimore Orioles are now fully owned by Baltimore native David Rubenstein and his investment group.
Rubenstein's group on Thursday closed on the remainder of the organization from the previous owner, the Angelos family.
"I thank John Angelos and his family for their leadership and ownership of the team over the last 30 years," Rubenstein said on social media. "John led a dramatic overhaul of the team's management, roster, recruitment strategy, and farm system."
Rubenstein was approved by Major League Baseball owners before the season started as the Orioles' new majority owner. His group started with 70 percent control of the Orioles.
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, according to MLB.com.
The Orioles (65-44) are sitting atop the American League East standings.
Rubenstein said his goal is to continue setting up the Orioles, and Baltimore, with competitive teams.
"We are building on these accomplishments thanks to the outstanding work of Mike Elias, his leadership team, Brandon Hyde, and our great players," Rubenstein said. "As an ownership group, we are firmly committed to this team and to my hometown. 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."
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 Mike Arougheti, 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.
In December, the Maryland Stadium Authority and the Board of Public Works, the state's spending board, approved a new long-term lease agreement that keeps the Orioles at Camden Yards.
