Baltimore Orioles Agree to be Sold to a Group Led by David Rubenstein in $1.7 Billion Deal

Baltimore Orioles owner Peter Angelos and family have agreed to sell the baseball team they have owned for more than 30 years to a group led by billionaire David Rubenstein, according to a person familiar with the deal.

The price tag: $1.725 billion. That’s almost exactly 10 times the $173 million Angelos and his partners paid for the Orioles in an auction in 1993.

The purchase still needs to be finalized by Major League Baseball and the other 29 teams’ owners. Sweetening the deal for Baltimore fans: Hall of Famer and Orioles legend Cal Ripken, Jr., is expected to be included in Rubenstein’s ownership group, according to the person familiar with the deal.

Read the source article at CNN Business