Rubenstein will reportedly be a controlling owner but has assembled a team of investors with deep pockets, including Ares Management Corp. co-founder Mike Arougheti, to help him get the acquisition over the line. Hall of Famer Cal Ripken Jr., who spent all of his 21 years in majors with the Orioles, is also part of the new ownership group.

Before the deal becomes official, MLB has to give it a green light. In order for the sale to become official, at least 75% of existing owners have to give it a vote of approval.

Rubenstein is known as a philanthropist and a big baseball fan. He previously attempted to buy the Washington Nationals, but after that bid failed, he zeroed in on acquiring the Orioles. His group will first acquire 40% of the stake in the franchise before receiving the remaining 60% at a later date.

Orioles’ current owner, Peter Angelos, bought the franchise in 1993 for $173 million, the highest price paid for a sports franchise at the time. Angelos remained in control of the franchise until 2019, when he stepped down due to health issues and ceded the control to his son, John.

Under the ownership of the Angelos family, the Orioles made six postseason trips and had two AL Championship Series appearances. They finished the 2023 regular season with 101 wins, their most since 1979, before being swept by the Texas Rangers in the AL Divisional Series.