David Rubenstein, a Baltimore native and Maryland resident, is reportedly set to buy the Baltimore Orioles from the Angelos family for $1.725 billion. Rubenstein, who has an estimated net worth of $3.7 billion according to Forbes, is co-founder of The Carlyle Group, a private equity firm.
In addition to Rubinstein, the proposed ownership group reportedly includes Michael Arougheti, co-founder of Ares Management, and Orioles legend Cal Ripken Jr., whose involvement in the deal is sure to generate a great deal of excitement among the Orioles’ faithful.
Rubinstein, who grew up in a Jewish neighborhood in Northwest Baltimore, is the son of a postal worker and a homemaker. He is well-known as a philanthropist in the Greater Washington, D.C., area, having given generously to many cultural institutions and historic sites over the years. In 2022, Rubenstein donated $15 million to the U.S. Holocaust Memorial Museum to help the museum expand its collection.
Earlier this week, Rubenstein announced plans to step down as chairman of the Kennedy Center, a position he has held for the past 14 years. The largest individual contributor to this iconic cultural institution in its history, Rubenstein intends to stay in the position for one year while a successor is sought.
The Angelos family has owned the Orioles since 1993, when Peter Angelos purchased the team for $173 million.
If Rubenstein’s bid is approved by Major League Baseball and its 29 other owners, he will take over a team that won 101 games during the 2023 season and took home its second American League East title since 1997. The Orioles, which sent four players to the All-Star Game last season, has some star power in its lineup, including infielder Gunnar Henderson, who won the 2023 American League Rookie of the Year Award, and All-Star catcher Adley Rutschman.
