Reports: Orioles to be sold to 2 private equity billionaires

John P. Angelos has agreed to sell the Baltimore Orioles to private equity billionaires David Rubenstein and Mike Arougheti, according to multiple reports Tuesday. 

The transaction reportedly values the Orioles at $1.725 billion. 

Rubenstein, a Baltimore native, had previously shown interest in buying the Washington Nationals. He and the New York-based Arougheti are both founders of private equity firms, the Carlyle Group and Ares Management Corp., respectively.

Major League Baseball still must approve the sale. Owners are scheduled to meet next week in Orlando, Florida. 

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John P. Angelos has been the team's chair and managing partner since 2020, as his father, Peter, suffers from dementia.

The Orioles recently finalized a deal with the Maryland Stadium Authority to remain at Camden Yards for the next 15 years, with a path to expand the commitment to 30 years.

Information from Field Level Media was used in this report.