Cal Ripken Jr., Grant Hill part of group purchasing Baltimore Orioles
Cal Ripken Jr., Grant Hill, and other investors have agreed to buy the Baltimore Orioles, led by David Rubenstein.
Investor Group Led by David Rubenstein to Buy Baltimore Orioles
Cal Ripken Jr., Grant Hill, Michael Bloomberg, and Kurt Schmoke are part of the investor group that has agreed to purchase the Baltimore Orioles. David Rubenstein, co-founder of the Carlyle Group, is leading the group. The agreement was announced in a news release revealing the additional investors.
Ripken expressed excitement about being involved with the Orioles organization once again, stating that the Orioles have been a significant part of his life since childhood. Rubenstein, on the other hand, expressed gratitude to the Angelos family for the opportunity to become part of the team and work towards achieving a World Series trophy for the city of Baltimore.
The sale of the team, which has been under the control of the Angelos family since 1993, is subject to approval from the majority of Major League Baseball ownership.
Angelos Family to Retain Significant Investment in the Team
The Angelos family, who has run the Orioles for the past three decades, will retain a significant investment in the team. John Angelos, the current chairman, will continue to serve as a senior adviser. He expressed his commitment to helping Rubenstein and his partners take the franchise to the next level.
The Orioles recently reached a lease extension agreement at Camden Yards, solidifying their long-term presence in Baltimore. The team's future looks promising with their impressive young stars and a loaded farm system. The sale of the team offers hope that the Orioles will be able to invest more aggressively in their payroll and make the most of their talented roster.
Impact on Baltimore and Maryland
The transaction is seen as great for Major League Baseball and the city of Baltimore. Maryland Governor Wes Moore expressed his gratitude to the Angelos family for their contributions to the Orioles community. He confirmed that the new ownership will not affect the team's presence in Baltimore.
The Angelos family's goals of restoring the Orioles to elite status, keeping the team in Baltimore, and revitalizing the partnership group have been validated by the agreement with Rubenstein and his partners. The Orioles' success in recent seasons, including winning 101 games last year, showcases the potential for a bright future under new ownership.