On Wednesday, the owners of Major League Baseball (MLB) gave their approval to David Rubenstein’s purchase of the Baltimore Orioles. This made it possible for the Angelos family to complete the sale of the franchise after they had managed it for more than three decades.
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MLB reported that the vote was unanimous, despite the fact that approval from 75% of all owners was required. It happened the day before the squad was supposed to play the Los Angeles Angels at home to kick off the season of the baseball season. Later on Wednesday, it was anticipated that Rubenstein and his investor group would successfully complete the transaction.
Rubenstein, a co-founder of Carlyle Group Inc., was quoted as saying in a statement that “to own the Orioles is a great civic duty.” this was said. “On behalf of my fellow owners, I want the Baltimore community and Orioles fans everywhere to know that we will do everything in our power to deliver for you with professionalism, integrity, excellence, and a fierce desire to win games,” I made this statement.
The Orioles plan to have a press conference on Thursday morning, and they will be joined by Rubenstein and Wes Moore, the governor of Maryland.
Through the purchase of the Orioles by Peter Angelos in 1993 for the sum of $173 million, Angelos and his family were able to acquire ownership of the franchise. Angelos’ health deteriorated over the past few years, and he passed away on Saturday at the age of 94. Since 2019, his son John has served as the chairman, CEO, and control person of the team.
I would like to express my gratitude to John Angelos and his family for everything they have done to help us get to this stage,” stated Rubenstein. “Over the past few years, John has been the driving force behind a significant makeover of the team’s management, roster, recruitment strategy, and farm system. We have the responsibility of expanding upon these achievements in order to move forward with a professional sports program of world-class caliber, with the ultimate goal of bringing a World Series trophy back to Baltimore.
During the month of January, Rubenstein’s group, which also includes Cal Ripken Jr. and Grant Hill, came to a deal to purchase the Orioles for an appraisal that was valued at $1.725 billion dollar.
In 1987, Rubenstein, who was born and raised in Baltimore, established Carlyle. Previously, he worked as a lawyer in the state of Washington. As a deputy assistant for domestic policy to President Jimmy Carter, he served in that capacity from 1977 until 1981.
The Orioles are coming off of a season in which they won 101 games and won the first AL East championship since 2014. The squad had high hopes after acquiring the best right-handed pitcher in the league, Corbin Burnes, through a trade with Milwaukee. Young stars Adley Rutschman and Gunnar Henderson have turned in performances that are comparable to those of franchise pillars, while Jackson Holliday is another great prospect who is still in the minor leagues for Baltimore.
The Orioles are trying to make the most of their opportunity to win a World Series for the first time since 1983, and the question that needs to be answered is if Rubenstein will be a more aggressive spender. This is because the team’s payroll is still quite low, despite the inclusion of all of that talent that is controlled by cost.
The Orioles had secured a long-term lease to remain at Camden Yards prior to the sale, which seemed to be the most significant off-season story for the team. During the month of December, a contract was reached that extended the lease for a period of thirty years, with the option to terminate it after fifteen years if the team does not gain clearance from state officials for development plans that are associated with the stadium.
“Capping our organizational turnaround with a championship in perhaps the toughest division in sports, while fulfilling my pledge that the Orioles would forever play ball in Charm City, dovetails perfectly with the privilege to now pass stewardship of Baltimore’s iconic team to a Baltimore native, passionate American, and celebrated philanthropist in David Rubenstein,” John Angelos said on Wednesday. Rubenstein is a celebrated philanthropist who was born and raised in Baltimore. “The Orioles are in excellent hands, and the club, as well as the city and state that it calls home, are well positioned for success in the years to come,” said the organization’s president.
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