Orioles sale? David Rubenstein in talks to potentially purchase MLB team with O’s future in limbo, per report
David Rubenstein, a Baltimore, Maryland native and a co-founder of the private equity firm The Carlyle Group, is in talks to purchase the Baltimore Orioles, according to Bloomberg’s Gillian Tan. Tan adds that Rubenstein is “among suitors pursuing a transaction,” and that “nothing has been finalized and talks may still fall apart.”
The Orioles have been owned by Peter Angelos since he purchased the team for $173 million in 1993. Peter’s health has failed him in recent years, resulting in his sons John and Louis taking control of the franchise. The club has since become entangled in seemingly nonstop rumors about its availability and its long-term home.
Indeed, a lawsuit involving John, Louis, and Peter’s wife Georgia on competing sides was settled earlier this year. As part of that lawsuit, Louis had alleged that not John had designs on relocating the franchise to Nashville, Tennessee.
Those relocation rumors also appeared to be dashed earlier this year, when the Orioles and Maryland Governor Wes Moore announced a new 30-year lease that was slated to keep the team at Camden Yards for the foreseeable future. Alas, that announcement appears to have been an overstatement.
Earlier this week, Andy Kostka of the Baltimore Banner reported “talks have been fraught in recent weeks as the team and state attempt to hash out a deal after announcing a non-binding memorandum of understanding in September.” As Kostka detailed, no lease was signed at the time. The Orioles have sought the ability to “create new revenue streams via development of state-owned buildings and land” in addition to the standard lease terms. The Orioles’ current lease expires on Dec. 31, providing some sense of urgency to the proceedings.
Forbes’ latest estimate has the Orioles franchise worth just over $1.7 billion.News Related