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Angelos family agrees to sell Baltimore Orioles to 2 billionaires at $1.725 billion valuation, per reports
Peter Angelos led a group that bought the Orioles for $40 million in 1993
By Jack Baer, Yahoo Sports above photo: Reuters News Service
The long-awaited sale of the Baltimore Orioles is reportedly here.
The Angelos family has agreed to sell the MLB franchise to a pair of billionaires, David Rubenstein and Mike Arougheti, at a price that values the team at $1.725 billion, according to Puck News' John Ourand and Sportico.
Both Rubenstein and Arougheti hail from the world of private equity. Rubenstein is the co-founder of the massive Carlyle Group, and Arougheti is the co-founder of Ares Management. Rubenstein, a Baltimore native, will reportedly be the control person of the new Orioles ownership group.
Per Ourand, the deal will be structured to give the new group 40% of the club, with the sale of the remaining stake to come following the death of patriarch Peter Angelos. Angelos, who purchased the Orioles in 1993 as the leader of a group that paid $40 million, FINISH READING HERE
David Mark Rubenstein (born August 11, 1949 in Baltimore) is an American lawyer, businessman, and philanthropist. A former government official, he is a co-founder and co-chairman of the private equity firm The Carlyle Group.
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