Baltimore Orioles Ownership Change Timeline Revealed
The Baltimore Orioles could have a new controlling owner by mid-July, according to a report in USA Today and other outlets.
Earlier this year the Angelos family, which has been the controlling owner of the Orioles since 1993, agreed to a deal to sell controlling interest of the team to a group led by David Rubenstein and Mike Arougheti for $1.725 billion.
USA Today noted that the deal could be approved “before the All-Star break.”
Any sale like that requires league approval, along with the approval of team owners.
It’s possible the sale could be approved sooner. The Baltimore Sun reported that league owners and commissioner Rob Manfred were to talk about the sale at their meeting in Florida this past week and it’s believe the league is pursuing an aggressive timeline.
The first step is for the proposed sale to go through MLB’s ownership committee, which is chaired by Philadelphia Phillies owner John Middleton.
Once it clears the council, it goes to a full vote, where at least 23 team owners must approve.
Both sides are still exchanging paperwork at this stage of the process, which is normal in a sale such as this. All of that paperwork is submitted to MLB as part of the review process before final approval. That includes financial disclosure statements.
The Kansas City Royals were sold in 2019 and that sale approval came three months after the deal was announced. Steve Cohen bought the New York Mets in seven weeks but had the advantage of being a minority owner and having already been vetted by MLB.
The terms of deal publicly are relatively straightforward. Rubenstein and Arougheti will get $40 percent of the team, but Rubenstein will be the controlling owner, replacing John Angelos. He will remain on as a senior advisor. The new owners have brought on Orioles legend Cal Ripken Jr. as a minority owner.
Once Peter Angelos, who originally bought the team, passes, Rubenstein and Arougheti will have the option to purchase the rest of the team from the family.
One thing that could trip things up is minority ownership. Both sides are either bringing in minority owners or have minority owners on the books.
The Angelos family counts tennis star Pam Shriver, the estate of author Tom Clancy and Duty Free International co-founder David Bernstein as minority owners.
