Baltimore Orioles chairman John Angeles and his family have agreed to sell the American League franchise to a pair of billionaires, David Rubenstein and Mike Arougheti, at a price that values the team at $1.725 billion.

Rubenstein and Arougheti are both from the world of private equity — Rubenstein is the co-founder of the Carlyle Group, and Arougheti is the co-founder of Ares Management. Rubenstein, a Baltimore native, will reportedly be the control person of the new Orioles ownership group, with Arougheti and Orioles legend Cal Ripken Jr. expected to be part of the ownership group.

Per Puck News’ John Ourand, the deal will be structured to give the new group 40% of the club, with the sale of the remaining stake to come following the death of patriarch Peter Angelos. Angelos, who purchased the Orioles in 1993 for $173 million, has reportedly been incapacitated for years due to suffering from dementia. His son, John, took over as chairman and managing partner in 2020.

The deal must be approved by MLB owners to be finalized. Owners are scheduled to meet at the annual owners meeting next week in Orlando, Fla, where they will receive the official details of the sale next week. MLB’s purchase approval process typically lasts several months. Orioles pitchers and catchers will report Feb. 14 to their spring training facility in Sarasota, Fla.

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