The unexpected sale of the Orioles was sparked by a meeting in July between John Angelos and David Rubenstein.
Interviewed on Sunday, Rubenstein’s comments were not allowed to be published until the sale was approved by MLB. This was to ensure that he did not seem to be jumping ahead of the process.
A request for comment was not answered by John Angelos and his representative.
“Rubenstein stated that John returned after a few weeks of contemplation and suggested the idea of expediting our control plans. From there, we engaged in negotiations to solidify this agreement.”
“That has been lingering for quite some time,” stated Edward Mathias, a senior adviser at the Carlyle Group who has been acquainted with Rubenstein for over 50 years, during an interview. “However, the Angelos family had been reluctant to sell for a significant period of time.”
Rubenstein will now hold the role of “control person” and will be responsible to MLB for the team. His team will initially have a nearly 40% ownership share in the Orioles and has a deal to acquire more equity following the passing of John’s father, Peter Angelos, the previous owner.
According to state officials, they were not informed of the sales contract until media sources publicized it in January. Treasurer Dereck Davis expressed feeling deceived and cheated, stating that they deserved to be informed considering the significant investment they had made.
Rubenstein had a longstanding interest in the club.
The seeds of the surprising Orioles sale were planted when team CEO and chairman John Angelos invited David Rubenstein to a meeting in Nantucket in July and offered the financier a non-controlling interest in the team.
Rubenstein expressed a desire to be a respected owner, particularly among the fans, players, managers, and administrative staff, and to prioritize winning as many games as possible.
The exact time of the Angelos family’s decision to sell the team was unclear.
On Wednesday, Major League Baseball officially gave the final approval for Rubenstein and his partnership to purchase the team for .725 billion, including the franchise and its assets.
Rubenstein expressed interest but desired further information.
However, even though John Angelos was in the process of negotiating a new lease with the Maryland Stadium Authority until at least 2023, there was no sign that the family was willing to sell. The lease, which was approved by the Board of Public Works in December, contained a complicated clause that would allow the team to potentially develop state-owned land in the vicinity of the stadium.
In 2022, a lawsuit involving the Angelos family involved a statement from Peter’s widow, Georgia Angelos, stating that Peter’s desire was for the Orioles to be sold after his death so that she could benefit from their shared wealth. According to the legal documents, Georgia had already taken steps to sell the Orioles and had hired Goldman Sachs and Jones Day for investment banking and legal assistance.
Rubenstein informed The Baltimore Sun that he would consider the matter and provide an answer later. Ultimately, he expressed his interest but also requested some degree of control in the future.
As it happened, 74-year-old billionaire philanthropist Rubenstein, who co-founded the Carlyle Group and hails from Baltimore, did not have to wait very long.
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