The Baltimore Orioles will be under new ownership, with reports surfacing that John Angelos has agreed to sell the MLB franchise to private equity billionaires David Rubenstein and Mike Arougheti, with the former expected to be the main controller, per John Ourand of Puck News.

“It looks like the Orioles sale is finally going to happen. I've had several plugged-in sources tell me that the team's owner, John Angelos, has agreed to sell the franchise to a group led by two private equity billionaires: David Rubenstein, who started the Carlyle Group, hails from Baltimore, and has been tied to the deal for months; and Ares Management Corp. co-founder Mike Arougheti, who lives in New York. The extent of Arougheti's involvement is unclear, but Rubenstein will become the “control person,” the term MLB uses for teams' decision-makers. The deal values the club at $1.725 billion,” Ourand reported.

Once the sale becomes official, it will end the reign of the Angelos family as the owner of the Orioles franchise that they bought for $173 million over three decades ago in 1993.

Since the Angelos took over as the owner of the Orioles, the franchise has seen plenty of ups and downs, but the period will perhaps be mostly remembered for the letdowns. Since 1993, the Orioles have made the postseason just six times, including in the 2023 season when Baltimore snapped a six-year playoff drought with a 101-61 record. They also won the American League East division title for the first time since 1997.

With this development, Orioles fans can feel hopeful that the club will have a deeper pocket in order to better compete, at least from a financial perspective, against the rest of the big leagues.