In a franchise-altering move, the Baltimore Orioles are set to be sold to private equity billionaire David Rubenstein for a staggering $1.725 billion. The deal, which has yet to be officially announced, was confirmed by a source familiar with the agreement. Rubenstein, a Baltimore native and co-founder of Carlyle Group Inc., will become the team's controlling owner, with Ares co-founder Michael Arougheti also joining the investment group.

The Orioles have been under the control of the Angelos family since 1993 when Peter Angelos purchased the team for $173 million. John Angelos, Peter's son, is the current chairman of the team. However, with Peter's declining health, the decision to sell the team was made, leading to the agreement with Rubenstein's group.

The sale of the Orioles comes after the team recently reached a new lease extension at Camden Yards. After months of negotiations, Maryland officials approved a 30-year lease extension with an option to end it after 15 years if the team's development plans next to the ballpark are not approved by state officials. This long-term agreement secures the Orioles' future in Baltimore.

Rubenstein's interest in buying the Orioles dates back to 2022 when he and Ted Leonsis, owner of the Wizards, Mystics, and Capitals, expressed their willingness to bid on the franchise if it were for sale. Rubenstein's love for baseball was evident in an episode of “Iconic America” where he spoke about his passion for the sport and his desire to visit Fenway Park.

The sale agreement still requires approval from the majority of major league owners, a process that typically takes several months. If approved, Rubenstein and Arougheti will initially own a 40 percent stake in the team, with Rubenstein eventually acquiring the remaining interest in the Orioles following the death of Peter Angelos.

The Orioles' recent success on the field has brought renewed excitement to the franchise. Coming off a 101-win season and their first AL East title since 2014, the team boasts a young core of talent, including Adley Rutschman, Gunnar Henderson, and top prospect Jackson Holliday. However, the club's payroll has remained low, leading to frustration among fans. Rubenstein's deep pockets could potentially bring about changes in the team's spending and pursuit of free agents.

The sale of the Orioles marks a significant moment in the team's history. Under Peter Angelos' ownership, the Orioles experienced both highs and lows, with a period of aggressive spending and success in the late 1990s, followed by a rebuilding phase and several losing seasons. The new ownership group brings hope for a bright future and the potential for a lengthy window of contention for the Orioles.