Rubenstein-Led Deal: Orioles sale approved by owners’ committee, key step toward finalization
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The MLB Ownership Committee has approved the purchase of a controlling stake in the Baltimore Orioles by a group led by David Rubenstein, according to a source with direct knowledge of the matter.
This approval was a key step in the sale process. Now, the deal will be brought to a vote for all MLB owners, the last step before it is finalized. It will need the approval of at least 22 of the other 29 owners.
Rubenstein and his group, which includes Orioles legend Cal Ripken Jr. and billionaire Michael Bloomberg, agreed to purchase a 40% stake in the team from John Angelos in January. The deal values the franchise at $1.725 billion. Angelos will retain a 30% stake and stay on as a senior advisor.
The Mid-Atlantic Sports Network, which broadcasts games of both the Orioles and Washington Nationals, is part of the acquisition.
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Rubenstein-Led Deal to Buy MLB’s Orioles Gains Key Approval
Major League Baseball’s ownership committee has approved the purchase of a controlling stake in the Baltimore Orioles by Carlyle Group Inc. co-founder David Rubenstein and a consortium of investors in a deal that values the team at $1.73 billion, according to people with knowledge of the matter.
Rubenstein, who will be the so-called control person of the team, is pursuing the purchase from the Angelos family alongside several co-investors. They include Ares Management Corp. co-founder Michael Arougheti; Mitchell Goldstein and Michael Smith, co-heads of Ares Credit Group; Orioles legend and Hall of Famer Cal Ripken Jr.; former Baltimore Mayor Kurt Schmoke; and former New York City Mayor Michael Bloomberg. Bloomberg is the founder and majority owner of Bloomberg News parent Bloomberg LP.
BDT & MSD Partners advised Rubenstein, while PJT Partners advised Arougheti, Goldstein and Smith. Goldman Sachs Group Inc. advised the Baltimore Orioles limited partnership.
The ownership committee comprises of a subset of MLB owners who give recommendations on deals, with a full vote by all owners set to be held later this month.
A MLB representative didn’t immediately respond to a request for comment. Rubenstein’s representative declined to comment.
Read More: Rubenstein-Led Group Agrees to Buy Orioles for $1.7 Billion
–With assistance from Randall Williams.
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