Baltimore Orioles Sold to Carlyle Group Inc. Co-Founder

Carlyle Group Inc. co-founder David Rubenstein has made a significant acquisition, reaching an agreement to purchase the Baltimore Orioles for a staggering $1.725 billion. This exciting development comes from a confidential source and has not yet been officially announced.

As a native of Baltimore, Rubenstein will assume the role of controlling owner of the team. He has also put together an investment team, which includes Ares co-founder Michael Arougheti. This acquisition marks the end of the Angelos family's control over the Orioles, a tenure that began in 1993 when Peter Angelos acquired the team for $173 million. John Angelos, Peter's son, is currently serving as the team's chairman.

Recently, the Orioles secured a lease extension at Camden Yards after months of negotiations with Maryland officials. This new agreement grants a lease extension for an impressive 30 years, with an option to terminate it after 15 years if the team fails to obtain approval from state officials for development plans near the ballpark.

Before founding Carlyle, Rubenstein practiced law in Washington. Additionally, he worked as a deputy assistant for domestic policy to President Jimmy Carter from 1977 to 1981. Rubenstein holds degrees from Duke University and the University of Chicago Law School, graduating in 1970.

With this significant change in ownership, exciting times lie ahead for the Baltimore Orioles and their loyal fanbase.