David Rubenstein Approved as New Baltimore Orioles’ Majority Owner
The Baltimore Orioles will have David Rubenstein as their new controlling owner, with MLB owners giving the green light to this decision. Rubenstein, a co-founder of Carlyle Group and a notable philanthropist in the Washington area, along with other prominent investors, secured a 40 percent stake in the franchise, valued at $1.7 billion.
Under the approved deal, the current controlling owner, John Angelos, has agreed to step aside for Rubenstein. Additionally, the Angelos family has granted Rubenstein the option to buy the remaining 60 percent of the team upon the passing of family patriarch Peter Angelos.
Rubenstein’s takeover aligns with the recent passing of Peter Angelos, eliminating the need for his family to pay substantial capital gains taxes on the franchise’s appreciated value since its acquisition in 1993.
MLB Commissioner Rob Manfred expressed gratitude to the Angelos family for their commitment to the team and the Baltimore community, emphasizing Rubenstein’s Baltimore roots and his suitability to lead the Orioles into the future.
Rubenstein’s interest in acquiring the Orioles dates back several years, initially exploring a partnership with Washington billionaire Ted Leonsis. However, after those negotiations fell through, Rubenstein assembled a diverse ownership group, including notable figures such as Cal Ripken Jr., Mike Bloomberg, and Kurt Schmoke.
Rubenstein emphasized his deference to the expertise of General Manager Mike Elias and Manager Brandon Hyde in baseball-related matters. He also aims to address longstanding issues, such as the protracted MASN dispute, with a focus on reaching an equitable resolution.
Rubenstein’s optimistic outlook heralds a new era for the Orioles, both on and off the field, as the franchise prepares for a transformative chapter under his leadership….
Title: David Rubenstein Approved as New Baltimore Orioles’ Majority Owner
The Baltimore Orioles will have David Rubenstein as their new controlling owner, with MLB owners giving the green light to this decision. Rubenstein, a co-founder of Carlyle Group and a notable philanthropist in the Washington area, along with other prominent investors, secured a 40 percent stake in the franchise, valued at $1.7 billion.
Under the approved deal, the current controlling owner, John Angelos, has agreed to step aside for Rubenstein. Additionally, the Angelos family has granted Rubenstein the option to buy the remaining 60 percent of the team upon the passing of family patriarch Peter Angelos.
Rubenstein’s takeover aligns with the recent passing of Peter Angelos, eliminating the need for his family to pay substantial capital gains taxes on the franchise’s appreciated value since its acquisition in 1993.
MLB Commissioner Rob Manfred expressed gratitude to the Angelos family for their commitment to the team and the Baltimore community, emphasizing Rubenstein’s Baltimore roots and his suitability to lead the Orioles into the future.
Rubenstein’s interest in acquiring the Orioles dates back several years, initially exploring a partnership with Washington billionaire Ted Leonsis. However, after those negotiations fell through, Rubenstein assembled a diverse ownership group, including notable figures such as Cal Ripken Jr., Mike Bloomberg, and Kurt Schmoke.
Rubenstein emphasized his deference to the expertise of General Manager Mike Elias and Manager Brandon Hyde in baseball-related matters. He also aims to address longstanding issues, such as the protracted MASN dispute, with a focus on reaching an equitable resolution.
Rubenstein’s optimistic outlook heralds a new era for the Orioles, both on and off the field, as the franchise prepares for a transformative chapter under his leadership.
Title: David Rubenstein Approved as New Baltimore Orioles’ Majority Owner
The Baltimore Orioles will have David Rubenstein as their new controlling owner, with MLB owners giving the green light to this decision. Rubenstein, a co-founder of Carlyle Group and a notable philanthropist in the Washington area, along with other prominent investors, secured a 40 percent stake in the franchise, valued at $1.7 billion.
Under the approved deal, the current controlling owner, John Angelos, has agreed to step aside for Rubenstein. Additionally, the Angelos family has granted Rubenstein the option to buy the remaining 60 percent of the team upon the passing of family patriarch Peter Angelos.
Rubenstein’s takeover aligns with the recent passing of Peter Angelos, eliminating the need for his family to pay substantial capital gains taxes on the franchise’s appreciated value since its acquisition in 1993.
MLB Commissioner Rob Manfred expressed gratitude to the Angelos family for their commitment to the team and the Baltimore community, emphasizing Rubenstein’s Baltimore roots and his suitability to lead the Orioles into the future.
Rubenstein’s interest in acquiring the Orioles dates back several years, initially exploring a partnership with Washington billionaire Ted Leonsis. However, after those negotiations fell through, Rubenstein assembled a diverse ownership group, including notable figures such as Cal Ripken Jr., Mike Bloomberg, and Kurt Schmoke.
Rubenstein emphasized his deference to the expertise of General Manager Mike Elias and Manager Brandon Hyde in baseball-related matters. He also aims to address longstanding issues, such as the protracted MASN dispute, with a focus on reaching an equitable resolution.
Rubenstein’s optimistic outlook heralds a new era for the Orioles, both on and off the field, as the franchise prepares for a transformative chapter under his leadership.
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