June 22, 2024

Baltimore Orioles sale to Carlyle’s co-founder David Rubenstein for $1.725 billion nearly done: source

The Baltimore Orioles sale to Carlyle (CG) co-founder David Rubenstein for $1.725 billion is just about done and dusted.

A source with direct knowledge of the proceedings told Yahoo Finance that Rubenstein — who is from Baltimore and a lifelong Orioles fan — will be the “control” owner of the team. An investment consortium consisting of Ares Management co-founder Mike Arougheti and Orioles Hall of Famer Cal Ripken will also be involved.

The consortium will include other sports stars and celebrities, the source said. Names could not be learned.

The deal to Rubenstein — who has a net worth of about $3.7 billion — could be formally announced by today’s end, the source said. The MLB must still approve the sale from long-time owner the Angelos family.

Rubenstein’s Orioles purchase is just another feather in the cap of the businessman turned philanthropist and TV interviewer.

In 1987, Rubenstein co-founded The Carlyle Group alongside William Conway, Stephen Norris, Daniel D’Aniello, and Greg Rosenbaum. Today, the private equity powerhouse boasts more than $382 billion in assets under management across three business segments and 543 investment vehicles.

The company recently appointed former top Goldman Sachs (GS) exec Harvey Schwartz as CEO.

Along the way, the former aide to President Jimmy Carter has become a noted philanthropist who signed The Giving Pledge, and a show host who has interviewed the world’s top leaders.

One of those interviews included a 2018 chat with Amazon (AMZN) founder Jeff Bezos.

“When I interviewed Jeff Bezos, that was pretty good,” Rubenstein recalled in an April 2023 interview with Yahoo Finance. “I’ve known him for a while and we had a really good rapport.”

Brian Sozzi is Yahoo Finance’s Executive Editor. Follow Sozzi on Twitter/X @BrianSozzi and on LinkedIn. Tips on deals, mergers, activist situations, or anything else? Email brian.sozzi@yahoofinance.com.

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