BALTIMORE — The Baltimore Orioles are getting new ownership.
Longtime owners, the Angelos family, agreed to sell the team to a group led by billionaire private equity investor David Rubenstein for $1.725 billion.
The sale comes as a series of question marks have surrounded the franchise's future in Baltimore.
After months of delay, the Birds recently came to terms on a new lease at Camden Yards.
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Then last year a court case was settled between brothers John and Lewis Angelos over their ailing father, Peter's, assets including the Orioles.
There was also John's comments in a New York Times article in which he refused to commit long term to some of the club's brightest and youngest stars.
Despite all that the O's won over 100 games earning their first divisional championship in nearly a decade, only to be swept out of the playoffs early.
Peter Angelos, a high powered Baltimore attorney, bought the team from Eli Jacobs back in 1993 for $173 million. Other investors at the time included author Tom Clancy, director Barry Levinson, and tennis pro Pam Shriver.
Over the past several years, Peter's health has deteriorated forcing him to relinquish team control to his son John.
While John may no longer be chairman of the Orioles, the team says he will continue to be an investor and work as a senior adviser to Rubenstein.
“I am personally committed to helping David and his partners take the franchise to the next level,” said John Angelos. “We think this transaction is great for Major League Baseball and great for the City of Baltimore and Maryland."
Forbes ranks Rubenstein the 789th richest person in the world with an estimated net worth of $3.7 billion.
The 74-year-old Northwest Baltimore native is co-founder of the private equity firm Carlyle Group.
His ownership team includes former New York City Mayor Michael Bloomberg, Ares co-founder Michael Arougheti, Orioles icon Cal Ripken Jr., basketball hall of famer Grant Hill, and former Baltimore Mayor Kurt Schmoke. Co-Heads of the Ares Group, Mitchell Goldstein and Michael Smith, along with business person Michele Kang are also involved.
Rubenstein said his goal in buying the team is "to bring a World Series Trophy back to the City of Baltimore."
Ripken also released a statement expressing his thoughts on becoming part owner of his hometown team.
“I am excited to once again be a part of the Orioles organization and I thank David for including me in the ownership group," said Ripken. "The Orioles have been a part of my life since I was a child, and this is a special day."
There were talks of Rubenstein potentially buying the team dating back to last December.
Talk radio listeners were lighting up the phone lines at 105.7 FM The Fan Tuesday night excited for the change.
"This is a great day in Baltimore Orioles history," one fan stated.
"I finally have hope that maybe we can actually compete long term," said another.
For now it's unclear if there will be any shakeup to the team's front office.
If fans get their way, General Manager Mike Elias and company would stay around a bit longer.
"Hopefully they don't get rid of Elias' crew - hopefully they bought it because they like what they're doing."
The deal is still pending review and approval by MLB’s Ownership Committee.
