Rubenstein-Led Group Agrees to Buy Orioles for $1.7 Billion
- Ares’ Arougheti, Orioles legend Cal Ripken Jr. part of group
- Investors to buy 40% stake, the rest after Peter Angelos dies
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Carlyle Group Inc. co-founder David Rubenstein and a consortium of investors agreed to buy a controlling stake in the Baltimore Orioles baseball team from the Angelos family in a deal that values the franchise at $1.73 billion.
The group includes Ares Management Corp. co-founder Michael Arougheti; Mitchell Goldstein and Michael Smith, co-heads of Ares Credit Group; Orioles legend and Hall of Famer Cal Ripken Jr.; former Baltimore Mayor Kurt Schmoke; and former New York City Mayor Michael Bloomberg. Bloomberg is the founder and majority owner of Bloomberg News parent Bloomberg LP.