New Baltimore Orioles' owner David Rubenstein introduced before season-opening win
BALTIMORE - It's a new era of Baltimore baseball with the sale of the Orioles to David Rubenstein now official.
The Baltimore native was introduced Thursday hours before his Orioles took the field in the season opener at Camden Yards.
MLB owners unanimously approved the sale on Wednesday, marking the final move of the transaction.
The Orioles' 11-3 win against the Los Angeles Angels was a welcome gift for Rubenstein, who mingled with the crowd and bought fans at Pickles Pub a drink.
Rubenstein's ownership group purchased the Orioles for $1.725 billion with a goal of bringing a World Series Trophy to Baltimore.
"This is a new day, a new chapter," Rubenstein said.
Along with Rubenstein, the new ownership group includes Mike Arougheti, 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.
Rubenstein, 74, has a net worth of $4.6 billion, according to the Bloomberg Billionaires Index. He made his fortune in private equity.
"Nothing unifies a city and unifies this city as the Baltimore Orioles and as the success of the Baltimore Orioles," Rubenstein said.
The Angelos family owned the Orioles since 1993, and within the past several years, the control was handed over to John Angelos with his father Peter Angelos' health declining.
During the Angelos' ownership, the Orioles reached the postseason six times.
Rubenstein, who will start with 70 percent in control of the Orioles, is handed a team coming off a 101-win season and the American League East title.
"I want to thank John Angelos and his family," Rubenstein said. "They've had some challenges for sure. There's no doubt that it was not easy for times, but John Angelos decided it was a good time for a new chapter."
The sale comes just days after the death of Peter Angelos.
Under the agreement, Rubenstein will now become the Orioles' lead decision-maker while the Angelos family will continue to be a major investor.
"They're going to feel the enthusiasm this group's going to bring," Orioles manager Brandon Hyde said. "I'm looking forward to all of our players meeting them."
"This is a very bright inflection point of our franchise," Orioles General Manager Mike Elias said.
The Orioles feature arguably the best young core in baseball with one of the top minor league systems.
"He is a very impressive man," Orioles outfielder Austin Hayes said. "I think he has the best interest of the team at heart."
"Obviously, we want the leadership to be wanting the World Series as much as we do and I feel like he's got the same mind frame," Orioles shortstop Gunnar Henderson said.
Rubenstein is the team's fifth owner since 1954.
