After more than three decades, the Baltimore Orioles ownership appears to be changing hands.
John Angelos and the Angelos family, have owned Baltimore's Major League Baseball franchise and handled the team's day-to-day operations since 1993. But according to multiple reports, the Angelos have agreed to sell the club to private equity billionaires David Rubenstein and Mike Arougheti. The sale price is an estimated $1.725 billion.
Rubenstein and Arougheti are expected to initially buy 40% of the franchise before purchasing the remaining 60% at a later date. The estimated timetable for the deal to close remains unclear, but MLB owners will likely be briefed on the pending transaction during next week's owner's meetings.
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Orioles legend and baseball Hall of Famer Cal Ripken Jr. is expected to be part of the incoming ownership group, according to the Baltimore Banner. His exact role is not immediately known.
Rubenstein is a Baltimore native and is expected to become the team's primary decision maker and handle the bulk of the franchise's day-to-day operations.
One key decision about the team's operations was made earlier this month, with the franchise come to terms on a new lease agreement with the city to remain at Camden Yards for the foreseeable future.
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Peter Angelos bought the Orioles from venture capitalist Eli Jacobs for $173 million. He became incapacitated in recent years, prompting his son John to take over as the primary leader of the organization.
This is a developing story, check back for updates.
