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Expected new Baltimore Orioles owner David Rubenstein shares more details of potential purchase

Expected new Baltimore Orioles owner David Rubenstein shares more details of potential purchase
Expected new Baltimore Orioles owner David Rubenstein shares more details of potential purchase 01:05

BALTIMORE - David Rubenstein provided more details on the agreement to become the Baltimore Orioles' new controlling owner.

The investment group led by Rubenstein, a Baltimore native, will purchase the Orioles for $1.725 billion from the Angelos family.

However, it must still have a 75 percent approval vote by Major League Baseball owners.

[MORE COVERAGE: Orioles fans express wide range of emotions over Angelos agreement to sell team]

According to the agreement, Rubenstein will become the "control person" of the Orioles, while the Angelos family will continue to be a major investor after the close of the deal. John Angelos will work with Rubenstein as a senior advisor.

Rubenstein, co-founder of The Carlyle Group, is joined in the investment by Michael Arougheti, Co-Founder and Chief Executive Officer of Ares Management; Mitchell Goldstein and Michael Smith, Co-Heads of the Ares Credit Group; Orioles' legend Cal Ripken Jr.; Kurt Schmoke, former Baltimore Mayor; Grant Hill, NBA Hall of Famer; Mike Bloomberg, entrepreneur and philanthropist; Michele Kang, business leader; and other investors.

Who is David Rubenstein? Angelos family confirms agreement to sell Baltimore Orioles for $1.7 billio 03:11

"I am grateful to the Angelos family for the opportunity to join the team I have been a fan of my entire life," Rubenstein said. "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. To the fans I say: we do it for you and can't do it without you. Thank you for your support."  

Rubenstein, 74, was born in Baltimore, and he has a net worth of $4.6 billion, according to the Bloomberg Billionaires Index. He made his fortune in private equity.

The Angelos family has controlled the Orioles for almost as long as they've been in Camden Yards when Peter Angelos bought the team for $173 million in 1993.

John Angelos has been chairman since his father's health declined years ago. Brothers John and Louis have battled over control of the family's businesses in court. The dueling lawsuits have since been resolved.

In December, a new long-term lease agreement was approved that would keep the Orioles at Camden Yards

The Orioles are coming off a 101-win season, their best since 1980. They also made it to the playoffs, along with winning the American League East for the first time since 2014.

The team has a lot of young talent to showcase, led by Adley Rutschman, Gunnar Henderson, Jackson Holliday and Grayson Rodriguez, and last week traded for former Cy Young Award  winner Corbin Burnes.

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