David Rubenstein’s purchase of the Baltimore Orioles was approved Wednesday by Major League Baseball owners, clearing the way for the Angelos family to finalize the sale after over three decades running the team.
Approval of 75% of all owners was required, and MLB said the vote was unanimous. It came the day before the team is scheduled to open the season at home against the Los Angeles Angels. Rubenstein and his investor group were expected to close the purchase later Wednesday.
The Angelos family took control of the Orioles since 1993, when Peter Angelos purchased the team for $173 million. Angelos’ health took a turn for the worse in recent years — he died Saturday at age 94 — and his son John has been the team’s chairman.
Rubenstein’s group, which includes Cal Ripken Jr. and Grant Hill, reached an agreement in January to buy the Orioles for an evaluation worth $1.725 billion.
Rubenstein, a Baltimore native, formed Carlyle in 1987. Before that, he practiced law in Washington. From 1977-81, he was a deputy assistant for domestic policy to President Jimmy Carter.
The Orioles are coming off a 101-win season and their first AL East title since 2014. Hopes are high after the team acquired ace right-hander Corbin Burnes in a trade with Milwaukee. Young stars Adley Rutschman and Gunnar Henderson have performed like franchise cornerstones, and Baltimore has another top prospect still in the minors in Jackson Holliday.
With all of that cost-controlled talent, the team’s payroll remains meager, and the question is whether Rubenstein will be a more aggressive spender as the Orioles try to make the most of their opportunity to win a World Series for the first time since 1983.
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AP Baseball Writer Ronald Blum contributed to this report.
