Orioles ownership is finally changing.
Team owner John Angelos has agreed to sell the Orioles to private equity billionaires David Rubenstein and Mike Arrogheti in a deal that values the club at $1.725 billion. According to Pac News.
There is no timeline for when the sale will be completed, but MLB owners are expected to be briefed on the details of the sale when they meet in Orlando next week.
The role of Mr. Arrogeti, co-founder of Ares Management Corp., is also somewhat unclear, but Mr. Rubenstein, co-founder and co-chairman of private equity firm Carlyle Group, is expected to take over as manager of the ownership group. There is. decision maker.
Rubenstein and Arrogheti’s group initially owned 40% of the team and will buy out the interest left in the Orioles by owner Peter Angelos, who originally bought the team in 1993, after his death.
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