Orioles sale approved by owners' committee, key step toward finalization

BALTIMORE -- The MLB Ownership Committee has approved the purchase of a controlling stake in the Baltimore Orioles by a group led by David Rubenstein, according to a source with direct knowledge of the matter.

This approval was a key step in the sale process. Now, the deal will be brought to a vote for all MLB owners, the last step before it is finalized. It will need the approval of at least 22 of the other 29 owners.

Rubenstein and his group, which includes Orioles legend Cal Ripken Jr. and billionaire Michael Bloomberg, agreed to purchase a 40% stake in the team from John Angelos in January. The deal values the franchise at $1.725 billion. Angelos will retain a 30% stake and stay on as a senior advisor.

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