Report: Baltimore Orioles sale to David Rubenstein likely to be official in April
BALTIMORE - The sale of the Baltimore Orioles is reportedly likely to become official in April.
Evan Drellich, from The Athletic, was told by a person briefed on the sales process that there's an outside chance the sale to Baltimore native David Rubenstein could be completed by the Orioles' Opening Day on March 28.
That source told The Athletic that only procedural hurdles remain.
"If we miss Opening Day, it's not for lack of trying, but it should be shortly thereafter," the source said.
Rubenstein and his investment group have a deal in place to purchase the controlling stake from the Angelos family for $1.725 billion.
The group will also take over Angelos' stake in the Mid-Atlantic Sports Network (MASN).
The sale needs to be approved by 75 percent of Major League Baseball owners.
Rubenstein's 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.
Rubenstein addressed 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, 74, has a net worth of $4.6 billion, according to the Bloomberg Billionaires Index. He made his fortune in private equity.
David Rubenstein's purchase of the Baltimore Orioles from John Angelos is likely to become official in April, a person briefed on the sales process told The Athletic on Monday. There's an outside chance the sale could be done in time for Opening Day, on March 28. Only procedural hurdles remain, rather than substantive issues, the person said.
"If we miss Opening Day, it's not for lack of trying, but it should be shortly thereafter," the person said.
Once the sale is done, Rubenstein would take over for Angelos as the team's "control person," as lead owners are called in baseball. Rubenstein, of the Carlyle Group, agreed to buy 40 percent of the team from Angelos to start, with an additional stake to be purchased later. The deal values the combined assets, including Angelos' stake in the regional sports network MASN, at $1.725 billion.
