[Baltimore Sun] Stadium authority approves Orioles transfer to David Rubenstein’s Inner Harbor Sports
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The impending sale of the Orioles is still awaiting formal approval from a full vote of Major League Baseball owners, but it took another step Wednesday: approval from the Maryland Stadium Authority board.
The Orioles’ lease with the state, signed in December after years of negotiations, dictates that the stadium authority must provide “written approval” before the team’s ownership can be transferred.
The entirety of the sole general partner interest and 37% of the limited partner interests in the Orioles will be transferred from the current ownership group to Inner Harbor Sports LLC, Stadium Authority Executive Director Michael Frenz told the board during a special meeting Wednesday morning. That LLC, Frenz said, is an “entity owned and controlled by David Rubenstein and his group of investors.”
That means that while the Angelos family will remain involved in ownership of the team, Rubenstein would take over the club’s control once MLB’s owners approve the deal.
Rubenstein’s LLC was formed on Jan. 11 in Delaware.
The Angelos family, who have owned the Orioles for decades, agreed earlier this year to a sale with the group led by Rubenstein. The deal includes the Mid-Atlantic Sports Network, the TV home of the Orioles and Washington Nationals, and values the club and its assets at $1.725 billion.
Also included in the new ownership group are Orioles legend Cal Ripken Jr., billionaire and former New York City Mayor Michael Bloomberg, former Baltimore Mayor Kurt Schmoke, Basketball Hall of Famer Grant Hill, Ares Management co-founder Michael Arougheti, and Washington Spirit owner Michele Kang.
The 2024 Major League Baseball season began Wednesday with a game in South Korea. The Orioles’ season starts March 28, at home against the Los Angeles Angels.
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