Baltimore Orioles sale needs to clear these steps before David Rubenstein takes control
BALTIMORE - This week, Major League Baseball owners will be meeting in Orlando, Florida. They are expected to vote on the Baltimore Orioles' sale.
The sale needs to clear several steps before Baltimore native David Rubenstein takes control as the team's majority owner.
Rubenstein and his investment group are in agreement to purchase the controlling stake of the Orioles for $1.725 billion from the Angelos family.
However, MLB owners must have a 75 percent approval vote before Rubenstein takes over.
"They review financials, logistics, anything you could imagine," said Justin Birnbaum, Forbes Sports business reporter.
Birnbaum says the league will go through a due diligence process for Rubenstein and his group.
The billionaire made his fortune in private equity and has a net worth of more than $4 billion.
"He's very well-known," Birnbaum said. "He's a Baltimore native, philanthropist, big private equity guy, very successful."
Rubenstein's ownership group includes Orioles legend Cal Ripken Jr., Basketball Hall of Famer Grant Hill, billionaire Michael Bloomberg, and former Baltimore Mayor Kurt Schmoke, who attended Baltimore's City College High School with Rubenstein.
Birnbaum says the league will vet every partner, which is a process that could take several weeks.
"When that will happen is unclear," Birnbaum said. "How long this process takes is unclear."
Rubenstein cited MLB's approval process as to why he can't discuss the sale publicly.
However, in a statement, he thanked the Angelos family for the opportunity and the fans for their support.
He wrote, in part, "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. Our collective goal will be to bring a World Series trophy back to the City of Baltimore."
The day after news of the sale broke, the Orioles made a splash on the trade market, acquiring ace pitcher Corbin Burnes, from Milwaukee.
"I would hope for Baltimore fans that a new, rich owner coming in means a lot more spending on players, stadium, and all other resources, but I guess we'll have to wait and see," Birnbaum said.
"In his statement, Rubenstein referenced development opportunities around the ballpark.
In the team's lease agreement with the state, they have four years to agree on a ground lease and development plan.
Pitchers and catchers report next week in Sarasota, Florida.
The Orioles won 101 games last season and won the American League East division.
