MLB Owners Approve Sale Of Orioles To Group Led By David Rubenstei

March 27: As expected, the Angelos familys sale of the Orioles to Rubensteins group has been approved by the leagues other owners, MLB commi sioner Rob Manfred announced in a pre s release. The approval was unanimous. I congratulate David Rubenstein on receiving approval from the Major League Clubs as the new control person of the Orioles, Manfred said in a statement within todays release. As a Baltimore native and a lifelong fan of the team, David is uniquely suited to lead the Orioles moving forward. We welcome David and his partners as the new stewards of the franchise. The Orioles will hold a pre s conference to discu s the sale tomorrow morning at 11am ET. March 25: Major League Baseballs other 29 owners will vote on the sale of the Orioles from the Angelos family to a purchasing group led by billionaire David Rubenstein on Myles Powell Jersey Wednesday, . Back in late January, John Angelos and related a sets, including the teams stake in the MASN network to Rubensteins group for $1.725 billion (a figure announced by the team at the time of the agreement). That sale is still pending majority approval from the leagues 29 other owners, though no pushback on the transition has been expected. Drellich and Ghiroli call the vote a formality, which generally aligns with prior reporting and expectations. As reported back in January, Rubensteins group will initially be purchasing a 40% stake in the team enough to cement him as the franchises new control person among other owners but not the entirety of the Angelos familys stake. At the time the two parties negotiated the sale, it was agreed that the remainder of the Angelos familys share in the team would be transferred to Rubensteins group following the pa sing of family patriarch Peter Angelos, the former Orioles control person and majority owner whod since taken a step back due to health concerns and ceded control of the club to his sons, John and Louis (in what became a contentious battle for control of the organization that eventually saw John emerge as control person). This contingent was designed to avoid substantial capital gains taxes for the Angelos family. this past weekend at 94 years of age. That wont accelerate the transfer of the Angelos familys entire stake in the team to Rubensteins group. Drellich and Ghiroli report that Wednesdays vote will only be on the originally agreed upon 40% stake for Rubenstein & Co.; theyll eventually formally acquire the remainder of the Angelos familys 70% stake in the club, but that transaction will not be completed by Opening Day. Rubenstein, 74, is a Baltimore native and the co-founder of private equity firm the Carlyle Group. Forbes estimated his net worth at $3.7 billion. His ownership group also includes several notable investors, including Orioles icon Cal Ripken Jr., NBA Hall of Famer Grant Hill, former Baltimore mayor Kurt Schmoke, former New York City mayor Michael Bloomberg and Ares Management co-founder Michael Arougheti, among others. Peter Angelos originally purchased the controlling stake in the Orioles for $173MM back in 1993. Theo Pinson Jersey