Carlyle Group Inc. co-founder David Rubenstein has reached an agreement to buy the Baltimore Orioles for $1.725 billion, according to a person with knowledge of the deal.
The person spoke to The Associated Press on condition of anonymity Tuesday night because the agreement had not been announced.
Rubenstein, a Baltimore native, will take over as the team's controlling owner, and he's assembled an investment team that includes Ares co-founder Michael Arougheti.
The Angelos family has been in control of the Orioles since 1993, when Peter Angelos purchased the team for $173 million.
The team recently reached a deal on a new lease extension at Camden Yards.
Persons:
David Rubenstein, Rubenstein, he's, Michael Arougheti, Angelos, Peter Angelos, John, Carlyle, Jimmy Carter
Organizations:
Group Inc, Baltimore Orioles, Associated Press, Orioles, Camden, Duke, University of Chicago Law School
Locations:
Baltimore, Camden Yards . Maryland, Washington