Report: Orioles' $1.725B Sale to David Rubenstein's Group Likely Official by April
Feb 27, 2024
BALTIMORE, MD - APRIL 22: A general view of a Baltimore Orioles hat and glove in the dugout after the game against the Detroit Tigers at Oriole Park at Camden Yards on April 22, 2023 in Baltimore, Maryland. (Photo by Scott Taetsch/Getty Images)
The Baltimore Orioles may not be officially sold by Opening Day, but fans reportedly won't have to wait much longer.
Evan Drellich of The Athletic cited someone familiar with the sales process who said it will likely become finalized by April and not long after the March 28 Opening Day game against the Los Angeles Angels.
"If we miss Opening Day, it's not for lack of trying, but it should be shortly thereafter," the person said.
David Rubenstein's ownership group is purchasing the team from John Angelos, and Drellich reported "only procedural hurdles remain, rather than substantive issues." The sale includes Angelos' stake in the regional sports network MASN and is valued at $1.725 billion.
It was reported in January that Angelos decided to sell the Orioles, which was a significant development considering he has been the team's majority owner since 1993.
While Baltimore is coming off an American League East crown in 2023, Angelos' tenure has not included much success.
The team has been to the playoffs just six times in 31 years and has never advanced past the American League Championship Series. It hasn't won the World Series since the 1983 campaign, which was before his ownership tenure.
A lack of spending has been a defining characteristic of Angelos' time with the team, which is a contributing factor to the lack of success. Even in 2023 when Baltimore won the division, it was 29th of 30th in team payroll, per Spotrac.
It is 23rd for the upcoming season, which is well behind division rivals in the New York Yankees (first), Toronto Blue Jays (fifth) and Boston Red Sox (11th).
The Orioles likely won't be atop those payroll rankings even with an ownership change, but moving more toward the middle of the pack could help them consistently compete in the AL East.
Looking at 10 big storylines with MLB spring training getting closer.
Orioles' Corbin Burnes Trade Has MLB Fans Hyped for Baltimore's Future
Feb 2, 2024
MILWAUKEE, WISCONSIN - OCTOBER 03: Corbin Burnes #39 of the Milwaukee Brewers reacts after recording a strikeout in the second inning against the Arizona Diamondbacks during Game One of the Wild Card Series at American Family Field on October 03, 2023 in Milwaukee, Wisconsin. (Photo by Stacy Revere/Getty Images)
The reigning AL East champion Baltimore Orioles got even better on Thursday, as ESPN's Jeff Passan reported that they have acquired starting pitcher Corbin Burnes from the Milwaukee Brewers.
Baltimore gave up infield prospect Joey Ortiz, pitching prospect D.L. Hall and the 34th pick in the 2024 MLB draft to land the 2021 NL Cy Young Award winner. The move is a major boost to a team that went 101-61 in 2023 but had some holes in its starting rotation.
Burnes will immediately step in and become a top-two starter for the Orioles. The 29-year-old went 10-8 with a 3.39 ERA and 200 strikeouts in 193.2 innings to help lead the Brewers to an NL Central title. In 2022, he led the National League with 243 strikeouts in 202 innings. During his Cy Young season, he led the majors with a 2.43 ERA and racked up 234 strikeouts in 167 innings.
While Burnes could be a short-term rental since he will hit free agency after the 2024 season, he will undoubtedly bolster Baltimore's chances at competing for a World Series title this year.
Fans on social media were hyped by the Orioles' wheeling and dealing for Burnes on Thursday night:
SCREW IT WE NEED ALL THE GREAT VIBES THAT WE CAN GET SO LETS DO IT.
THE ORIOLES ARE NOT PLAYING AROUND. THEY GOT THEIR GUY. CORBIN BURNES IS AN ORIOLE. MIKE ELIAS FLEECE JOB. WHENS FIRST PITCH??
Holy hell the A.L. East just got ALOT more interesting…. The @Orioles pull the trigger and acquire RHP Corbin Burnes from the @Brewers …. YEP the O’s ain’t foolin around no more !! pic.twitter.com/lIlyi2vZ2M
Corbin Burnes, 29, posted his worst ERA in his last four seasons in 2023. At 3.39. Seriously. Had been sub 3 from 2020-22, including his 2021 Cy Young year with a 2.43. Has K’d 200 or more batters in 3 straight seasons. So, yeah, he is good.
Burnes will create a strong 1-2 punch for the Orioles along with starter Kyle Bradish, who had a team-best 2.83 ERA last season. Baltimore's rotation will be rounded out by Grayson Rodriguez, Dean Kremer, Tyler Wells and John Means.
Fans will surely enjoy watching Burnes on the mound as he tries to help lead the Orioles to a World Series title.
Orioles' Updated Starting Rotation, Payroll After Corbin Burnes Trade
Feb 2, 2024
MILWAUKEE, WISCONSIN - OCTOBER 03: Corbin Burnes #39 of the Milwaukee Brewers reacts after recording a strikeout in the third inning against the Arizona Diamondbacks during Game One of the Wild Card Series at American Family Field on October 03, 2023 in Milwaukee, Wisconsin. (Photo by Stacy Revere/Getty Images)
The Baltimore Orioles addressed their need for pitching help in a major way, acquiring Milwaukee Brewers ace Corbin Burnes in a blockbuster trade on Thursday night.
In order to bring in the former Cy Young Award-winner, the Orioles gave up infielder Joey Ortiz, left-handed pitcher D.L. Hall, and the No. 34 pick in the 2024 draft (via ESPN's Jeff Passan). Burnes is coming off his third consecutive All-Star appearance in 2023, recording 200 strikeouts in 193.2 innings of work to go along with a 3.39 ERA.
Here's a look at the Orioles' updated rotation and payroll following the marquee acquisition.
2024 Projected Starting Rotation
Corbin Burnes
Kyle Bradish
Grayson Rodriguez
John Means
Dean Kremer
On Jan. 11, Burnes and the Brewers agreed to a one-year deal worth just over $15.6 million for the 2024 season to avoid arbitration (per Jon Heyman of the New York Post). The writing was on the wall for a trade, as the 29-year-old discussed his cloudy future and lack of a contract extension with the organization during a Nov. 17 appearance on Foul Territory TV.
"I think a couple years ago, I was probably open to going and getting something done, but I think at this point, both sides know we're a year away from free agency and want to see what the market can bring," said Burnes.
Corbin Burnes explains why he hasn't had any contract extension talks with the @Brewers.
For the Orioles, Burnes gives the team an elite option at the top of the rotation. After a 101-win season that unceremoniously ended with a sweep in the American League Division Series, Baltimore is expecting a deeper postseason run. The team currently has an estimated 2024 payroll of $96 million, per FanGraphs.
This could be a risky deal, as Burnes is slated to hit free agency at the end of his 2024 season. However, new owner David Rubenstein is already showing that he's series about the success of his club.
Cal Ripken Jr., Grant Hill Part of New Orioles Ownership Group Led by Rubenstein
Jan 31, 2024
BALTIMORE, MARYLAND - SEPTEMBER 29: Former Baltimore Oriole Cal Ripken Jr. on the field before the game against the Boston Red Sox at Oriole Park at Camden Yards on September 29, 2023 in Baltimore, Maryland. (Photo by G Fiume/Getty Images)
Baltimore Orioles legend Cal Ripken Jr. announced on Wednesday that he will be part of the organization's new ownership group headlined by David Rubenstein.
The Orioles have been a part of my life since I was a child, and this is a special day. I look forward to this opportunity and will do whatever I can to help the organization. Let’s go O’s!
On Tuesday, team owner John Angelos agreed to sell the team to the group led by Carlyle Group Inc. co-founder Rubenstein for $1.7 billion. The incoming ownership group also includes Ares co-founder Michael Arougheti, NBA Hall of Famer Grant Hill and Mike Bloomberg, among others.
It’s official: Angelos family has agreed to sell control stake in #Orioles to Baltimore native David Rubenstein. Ownership group includes Cal Ripken Jr., among others. pic.twitter.com/AIhKAwGuca
Since 1993, the Angelos family has served as the Orioles' owners, when Peter Angelos—the father of current chair and managing partner John Angelos—purchased the organization for $173 million. Under the Angelos tenure, the Orioles have made just six playoff appearances without a title, only winning four playoff series in total.
The Angelos family regularly kept the team's payroll low, and the team's excellent, 101-win season in 2023 was fueled by a number of up-and-coming stars that were developed in a robust farm system.
The hope for Orioles fans, however, is that the new ownership group will inject more resources into the team, making it a free-agent destination going forward.
"I look forward to working with all the Orioles owners, players and staff to build upon the incredible success the team has achieved in recent seasons," Rubenstein said in a statement. "Our collective goal will be to bring a World Series Trophy back to the City of Baltimore. To the fans I say: We do it for you and can't do it without you. Thank you for your support."
Ripken will be a welcome face. The Hall of Famer spent his entire 21-year career with the Orioles, earning 19 All-Star Game bids, winning two MVP awards and setting MLB's consecutive games streak at 2,632, surpassing Lou Gehrig by more than 500 games. It is a record unlikely to be broken.
He also led the Orioles to their last World Series title in 1983, winning the first of his two MVPs that season. Now, he'll try to help the organization get back to those heights.
Report: Orioles to Be Sold by Angelos Family to David Rubenstein's Group for $1.725B
Jan 30, 2024
BALTIMORE, MD - JULY 17: The Baltimore Orioles logo on a baseball bag on the field before a baseball game against the Los Angeles Dodgers at Oriole Park at Camden Yards on July 17, 2023 in Baltimore, Maryland. (Photo by Mitchell Layton/Getty Images)
After more than three decades of ownership, the Angelos family is reportedly moving on from the Baltimore Orioles.
David Rubenstein and Mike Arougheti have agreed to purchase the MLB franchise for $1.725 billion, according to John Ourand of Puck News.
Peter Angelos has been the majority owner of the Orioles since 1993. The regime has not yielded much success, with Baltimore making only six playoff appearances and winning only three AL East crowns, though one did come in 2023.
The future of the franchise has been up in the air since Angelos became incapacitated in 2017 after a fall. In-fighting among the Angelos family has led to inconsistent leadership and a payroll that regularly ranks among the lowest in baseball, much to the ire of the Orioles faithful.
Baltimore ranks 29th in payroll for the 2024 season, behind only the lowly Oakland Athletics, who are in the midst of a bitter move to Las Vegas. The Orioles have regularly ranked last or next-to-last in payroll for more than a half decade.
Fans will undoubtedly be thrilled to have the ownership group change, and it's a virtual certainty Baltimore will see an increase in cash flow.
Rubenstein is a Baltimore native who has a net worth of $3.7 billion, according to Forbes, while Arougheti has amassed a fortune of $1.8 billion.
Rubenstein reportedly plans to buy 40 percent of the Orioles before Angelos' death, at which point he will complete the purchase for the remaining shares.
Jim Palmer, Orioles Legend and Hall Of Famer, Alleges Friend Defrauded Family of $1M
Jan 18, 2024
BALTIMORE, MD - AUGUST 05: Former Baltimore Orioles player Jim Palmer throws out the first pitch during the fourth anniversary of their World Series win before a baseball game against the New York Mets at Oriole Park at Camden Yards on August 5, 2023 in Baltimore, Maryland. (Photo by Mitchell Layton/Getty Images)
Former Baltimore Orioles superstar pitcher and Baseball Hall of Famer Jim Palmer has filed a civil suit against a former friend who allegedly defrauded his family of $985,000, claiming "breach of contract for business and personal loans, negligent misrepresentation, fraud in the inducement and unjust enrichment."
Tyler Kepner of The Athletic first reported news of the civil suit, which was filed in Superior Court in Orange County, Calif.
Palmer says that the defendant, Warren Michael Holmes, claimed he was a prominent British hairstylist who sought business and personal loans to start lines of beauty products.
Palmer and his wife, Susan, gave Holmes a $750,000 loan in November 2018 so he could start "Love Brands," described as a "a holding company for the beauty products." The products were described as "Poo," a haircare brand, and "B---h-Brow," an eyeliner brand.
Holmes also asked (and was granted) permission to stay at Palmer's home in Corona Del Mar, California. He claimed a desire to be "closer to a beauty packaging manufacturer, KEMAS," per Andy Kostka of the Baltimore Banner.
The suit claims that Palmer found out this past August that Holmes "had no more than one meeting with Darren Eade, KEMAS' vice president of sales." Furthermore, KEMAS didn't have any office in Temecula, California, where Holmes claimed he was going.
In 2022, Holmes had not launched any products, so Palmer gave him an extra $235,000. The lawsuit states that Palmer did this "because he was concerned that nothing had launched, and without a launch of some product, Mr. Holmes would not be able to pay Mr. Palmer back."
Last March, Holmes asked for another $2.5 million so his line of products, which still hadn't been released, could become "a global beauty brand." Palmer refused and asked for his money back.
Palmer then set up a meeting with Holmes' then-attorney to figure out a repayment plan, but then Holmes blocked Palmer "on social media, text and email, and he deleted a shared note file that had outlined the money Holmes owed Palmer," per Kostka.
The suit claims that Palmer met Holmes through mutual friends in Palm Beach, Florida, in 2015. It also states that Holmes befriended Spencer, Palmer's autistic stepson, to the point where he was named a legal guardian and manager of his trust.
"Spencer had one friend. One friend in the world. And that was Warren Michael Holmes," Palmer told Kostka.
"Not that Spencer's not social; he's a lot better than he used to be. He says hello to people. But when you only have one friend, and then he betrays. I mean, the money is obviously important, because we thought we were giving him money to realize his dream. But he really took advantage of the whole situation, and I didn't realize until you get scammed."
The Palmers were concerned about the future care of Spencer. Palmer is 78 years old, and Susan is genetically predisposed to Alzheimer's disease. As Kostka noted, Holmes was seen as "an answer."
However, Palmer claims that he's a con artist who repeatedly lied to his family.
"He makes Pinocchio look like a straight shooter," Palmer told Kostka. "I mean, everything was a lie. I mean, everything. Did he ever tell us one thing that was true?"
Holmes has not been found. Both The Athletic and the Baltimore Banner attempted to follow and contact him through Instagram to no avail.
Holmes' alleged private IG account claims that he is a three-time "Backstage Hair Stylist of The Year" from 2012-2014 and an "award-winning haircare product developer."
An initial court appearance is scheduled for Feb. 22, but Holmes hasn't been served yet. That's because his location is unknown.
Per the Palmers, they haven't received responses about his whereabouts after reaching out to his family members.
Former Oklahoma Basketball, Baseball Star Ryan Minor Dies at Age 49
Dec 23, 2023
BALTIMORE, MD - SEPTEMBER 4: Ryan Minor #10 of the Baltimore Orioles prepares to field a ground ball during a baseball game against the Cleveland Indians on Septrmber 4, 1999 at Camden Yards in Baltimore, Maryland. (Photo by Mitchell Layton/Getty Images)
Ryan Minor, a former two-sport Oklahoma Sooners star who played three seasons for the Baltimore Orioles before becoming a longtime minor-league coach in Maryland, died Friday after a battle with cancer.
The news was shared on social media by his twin brother, Damon Minor.
After a courageous and hard fought battle I’m sad to say that Ryan lost his fight with cancer this afternoon. He truly was the best twin brother you can ask for. His family and I want to thank everyone for the prayers and support during this time. BOOMER SOONER.. pic.twitter.com/MRqaHrhbSj
As a member of the OU basketball team, Minor was named the Big Eight Conference Player of the Year in 1995. He averaged 16.5 points per game through four seasons with the Sooners.
He also spent three seasons on the OU baseball team alongside Damon. Joined the roster late each spring after the conclusion of basketball season, Minor batted .266 with 11 home runs, 15 doubles and 43 RBIs in 203 career at-bats.
Minor contributed to one of the most dominant seasons in Oklahoma baseball history, when the team went 42-17 during the regular season before going undefeated in the NCAA Tournament on their way to a College World Series title.
He was selected in the third round of the 1996 NBA draft by the Philadelphia 76ers.
Instead, Minor went to the MLB, where he went on to make history with the Baltimore Orioles. He was the player who replaced Cal Ripken Jr. to end his consecutive games played streak at 2,632 against the New York Yankees on Sept. 20, 1998.
We are deeply saddened by the passing of former third baseman and longtime minor league manager Ryan Minor, who courageously fought cancer.
After spending parts of three seasons with the Orioles and one with the Montreal Expos, Minor ended his MLB career after 142 games.
He went on to become a longtime coach in the Orioles farm system. The Delmarva Shorebirds, the Single-A affiliate of the O's, honored Minor as the first Shorebirds jersey ever retired in an August ceremony.
He is survived by his wife, Allyson, and their daughters Regan and Finley.
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MLB Rumors: Billionaire David Rubenstein in Talks to Buy Orioles from Peter Angelos
Dec 7, 2023
BALTIMORE, MARYLAND - SEPTEMBER 27: Detail view of a patch of a Baltimore Orioles logo on a player uniform during a game against the Washington Nationals at Oriole Park at Camden Yards on September 27, 2023 in Baltimore, Maryland. (Photo by Brandon Sloter/Getty Images)
Billionaire David Rubenstein is one of multiple suitors in talks to buy the Baltimore Orioles, according to Bloomberg's Gillian Tan.
The majority of the team has been owned since 1993 by 93-year-old billionaire Peter Angelos.
The sale to Rubenstein "has not been finalized and talks may still fall apart," Tan reported.
If the deal goes through, however, it could be announced in the first six months of 2024, according to Tan.
Rubenstein is the co-founder of the private equity firm Carlyle Group Inc. and has a reported net worth of $4.6 billion, per Forbes.
Forbes estimates the value of the Orioles at $1.7 billion, ranking 18th out of 30 MLB teams.
Angelos' investment group originally bought the Orioles for $173 million.
Rubenstein, who is from Baltimore, said on CNBC in September 2022 that he felt like "one of the only people in private equity that doesn't own a sports team."
"All of my friends bought sports teams, and I said, 'Look, your investors are not going to take you seriously by you diverting your attention to sports teams,' but I was wrong," Rubenstein said then.
"It's very difficult to buy a sports team and lose money. Some people have done it, but it's very rare... in baseball, you tend to make your money well you sell the team, but some of the teams have gone up in value dramatically."
That interview came one month after Bloomberg's Dawn Lim and Brian Chappatta reported that Rubenstein, alongside Washington Wizards, Capitals and Mystics owner Ted Leonsis, had "told key backers... they would consider buying the team if it comes up for sale."
"I feel that I'm one of the only people in private equity that doesn't own a sports team," says David Rubenstein. "It's very difficult to buy a sports team and lose money. You make your money when you sell the team." pic.twitter.com/dZxet0xYDx
If the Orioles do change hands over the next few months, the next majority owner will take over at an uncertain time for the franchise.
The Orioles' lease at Camden Yards is currently set to expire at the end of the year, and no long-term agreement has yet been made between the stadium and chairman and CEO John Angelos, son of the team's longtime owner.
If Angelos does not reach an agreement with the Maryland Stadium Authority by December 31, the team could go on a month-to-month lease, according to the Baltimore Banner's Pamela Wood.
Depending on the timing of a potential sale, that could mean a long-term decision on the Orioles' future home stadium could be up to a new owner.
