Baltimore Orioles agree to be sold to a group led by David Rubenstein for $1.7 billion | CNN
In a stunning move in the world of sports and business, the owner of the Baltimore Orioles, Peter Angelos, and his family have agreed to sell the baseball team they’ve held for over three decades. The buyers? A group led by billionaire David Rubenstein, a Baltimore native and co-founder of The Carlyle Group, a prominent private equity firm. The jaw-dropping price tag for this transaction? A staggering $1.725 billion was a remarkable increase from the $173 million Angelos and his partners paid for the team in 1993.
What makes this deal even more exciting for Baltimore fans is that Cal Ripken, Jr., a Hall of Famer and Orioles legend, is expected to be part of Rubenstein’s ownership group. The Orioles’ recent success on the field has added to the team’s appeal; they won the American League East last season and had the second-best record in all of baseball in 2023.
This sale marks a significant shift in a team’s fortunes that has seen its fair share of ups and downs. Under Angelos’ ownership, the Orioles experienced a mix of mediocrity and disappointment, with their last World Series win dating back to 1983. However, recent success on the field and the impressive valuation of $1.7 billion have elevated the team’s status in the world of baseball franchises……….
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Rising Dough
How does the sale of the Baltimore Orioles for $1.725 billion highlight the intricate connections between sports business, ownership, and valuation in professional sports?
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This can lead to more sponsorships and maybe a better team.