ORLANDO, Fla. — A deal to sell the Orioles for the first time in 31 years has been agreed to, but the transaction still needs approval from MLB’s owners. Wednesday marked one step forward in that process as MLB’s ownership committee, a nine-member panel, met in Orlando and discussed the Orioles sale, according to a source with direct knowledge of the discussions.
The Angelos family, longtime owners of the Orioles, has agreed to sell a controlling stake in the team to an ownership group led by Baltimore native David Rubenstein, the billionaire co-founder of the Carlyle Group. Rubenstein would become the club’s “control person,” or lead decision-maker after the deal that values the ballclub at $1.725 billion is approved.
The vetting process of Rubenstein is ongoing, but the source noted that MLB can move quickly because of its familiarity with him. A well-known philanthropist and public media show host, Rubenstein has reportedly been interested in buying an MLB team in the past.
“He’s David Rubenstein,” said the source, who spoke on the condition of anonymity because they were not authorized to speak publicly.
MLB is still gathering documents from both parties as part of its approval process, the source added, and the speed in which the sale is finalized is dependent on how quickly the two sides complete the necessary steps. Sources with knowledge of the deal’s prospects previously told The Baltimore Sun the sale could take as few as six weeks (although it might take longer, the sources hedged). That would make the transaction quicker than other MLB sales and result in the new group taking over as owners before Baltimore’s opening day on March 28.
Typically, the ownership committee, which is chaired by Philadelphia Phillies owner John Middleton, prepares a report that is then voted on by an eight-owner executive council. Orioles Chairman and CEO John Angelos, the team’s current “control person,” is not a member of that council, which is chaired by MLB Commissioner Rob Manfred.
After approval from that council, the sale would be voted on by all 30 owners, needing approval from at least 23.
An Orioles representative at the owners meetings declined to comment.
Baltimore Sun reporter Jeff Barker contributed to this article. This article will be updated.