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Major League Baseball still must approve the
sale. The owners are scheduled to meet next week in Orlando,
Fla.
"When I took on the role of Chair and CEO of the Orioles, we had
the objective of restoring the franchise to elite status in
major league sports, keeping the team in Baltimore for years to
come, and revitalizing our partnership group," Angelos said in a
statement. "This relationship with David Rubenstein and his
partners validates that we have not only met but exceeded our
goals."
Puck News reported earlier in the week that the group will start
off owning roughly 40 percent of the club. When John Angelos'
94-year-old father Peter Angelos dies, Rubenstein and Michael
Arougheti will buy up the remaining 60 percent.
Rubenstein is joined in the investment by Arougheti, co-founder
and Chief Executive Officer of Ares Management; Mitchell
Goldstein and Michael Smith, co-heads of the Ares Credit Group;
Kurt Schmoke, former Baltimore mayor; Grant Hill, NBA Hall of
Famer; and Mike Bloomberg, entrepreneur and philanthropist,
among others.
"I am grateful to the Angelos family for the opportunity to join
the team I have been a fan of my entire life," Rubenstein said
in the release. "I look forward to working with all the Orioles
owners, players and staff to build upon the incredible success
the team has achieved in recent seasons. Our collective goal
will be to bring a World Series Trophy back to the City of
Baltimore."
--Field Level Media
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