The business of baseball has hit a home run in Baltimore, with David Rubenstein's investment group completing the acquisition of the Baltimore Orioles, now wielding full ownership of the storied franchise. In an announcement that put the final stamp on the transition of power, Rubenstein, a Baltimore native with deep pockets and a private equity background, shared his gratitude via social media. "I thank John Angelos and his family for their leadership and ownership of the team over the last 30 years," Rubenstein said, per CBS News.
According to a report by MLB, the ink dried on the deal after a series of high-level exchanges and approvals that spanned over several months; this move comes on the heels of former owner Peter Angelos' death, seemingly accelerating the process even with Major League Baseball giving its blessing for Rubenstein to be the birds' new big cheese before the opening pitch was thrown this season. The Orioles, with their wingspan embracing the top echelon of the American League East, are defying gravity and statistics, floating at a comfortable 65-44, seemingly spurred by the fresh wind under their wings provided by their new management.
Rubenstein, whose net worth hovers around the $4.6 billion mark, isn't flying solo in this venture. His crew includes a tapestry of movers and shakers: investment heavyweight Mike Arougheti, Orioles Hall of Famer Cal Ripken Jr., basketball icon Grant Hill, former New York City Mayor Michael Bloomberg, and one-time Baltimore Mayor Kurt Schmoke—who, fun fact, shared schoolyard chatter with Rubenstein back at Baltimore's City College High School.
Rubenstein and his group seem steadfast in their commitment, simultaneously lending a helping hand to the city's renewal, "As an ownership group, we are firmly committed to this team and to my hometown. We look forward to working with our partners in the city and state as we refurbish Orioles Park, develop the area surrounding Camden Yards, and enhance the experience for all Orioles fans," said Rubenstein in what seems to be a pitch-perfect statement, as per by CBS News.
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