Major League Baseball owners recently approved David Rubenstein as the new owner of the Baltimore Orioles, marking the first time in three decades that the team will have a managing owner without the last name of Angelos on Opening Day. Rubenstein, a private-equity billionaire who co-founded the Carlyle Group, now holds 70 percent ownership of the Orioles following the accelerated sale. This change comes shortly after the passing of longtime owner Peter Angelos at 94 years old. The Orioles were valued at $1.725 billion for the sale, which is only behind the New York Mets and Los Angeles Dodgers in terms of highest baseball team valuations. Rubenstein, a Baltimore native, expressed his interest in the team due to his background and the team’s potential despite financial constraints in recent years.
Rubenstein’s ownership group includes investors such as Hall of Famer Cal Ripken Jr., Michael Bloomberg, Grant Hill, and former Baltimore mayor Kurt Schmoke. Their goal is to inject cash into the team, potentially signing marquee free agents or securing young talent long-term. The current payroll for the Orioles is one of the lowest in the league at $96.6 million. Despite the ownership change, Rubenstein has stated that he does not plan to make major changes to baseball decisions, leaving that responsibility to general manager Mike Elias and manager Brandon Hyde. Rubenstein believes in the expertise of his team and aims to support them without interfering in areas where he lacks experience.
MLB Commissioner Rob Manfred expressed gratitude towards the Angelos family for their service to the game and the community of Baltimore, welcoming Rubenstein as a suitable leader for the Orioles moving forward. Rubenstein’s approach is focused on supporting the current management team and allowing them to make baseball-related decisions. With the sale finalized, a new era of Orioles baseball both on and off the field is set to begin. The new season will kick off at Camden Yards with a game against the Los Angeles Angels, marking the start of a promising journey for the Orioles under Rubenstein’s ownership.
Rubenstein’s deep connections to Baltimore and his impressive list of investors signal a positive outlook for the future of the Orioles. The team, despite financial challenges in recent years, is viewed as being in good shape by Rubenstein. With a focus on supporting the existing management team and providing the necessary resources, Rubenstein aims to guide the Orioles towards success both on the field and in the community. The transition to new ownership represents a significant moment in Orioles history, making way for potential improvements and growth in various aspects of the organization.
The Orioles’ sale to Rubenstein adds a new chapter to the team’s legacy, bringing fresh perspectives and resources to drive the team forward. Rubenstein’s hands-off approach to baseball decisions aligns with his belief in the expertise of the current management team, allowing them to lead the team towards continued success. His commitment to supporting the team and its community reflects a dedication to honoring the Orioles’ history while also embracing new opportunities for growth and development. As fans eagerly anticipate the start of a new season under Rubenstein’s ownership, the Orioles stand poised for a new era filled with promise and potential.
