According to multiple reports on Tuesday, Carlyle Group Inc. John Angelos agreed to sell the Baltimore Orioles to a group led by co-founder David Rubenstein.
The transaction reportedly valued the Orioles at $1.725 billion.
Rubenstein, a native of Baltimore, will reportedly take over as controlling owner of the team. He assembled an investment team that included Ares co-founder Michael Arroghetti.
Major League Baseball still has to approve the sale. The owners are scheduled to meet next week in Orlando, Florida.
The Angelos family has controlled the Orioles since 1993, when Peter Angelos bought the team for $173 million. Angelos' son John has been the team's president and managing partner since 2020 as Peter suffers from dementia.
The Orioles recently reached an agreement with the Maryland Stadium Authority to remain at Camden Yards for the next 15 years.
Rubenstein previously expressed interest in buying the Washington Nationals.
Before forming Carlyle in 1987, he practiced law in Washington. From 1977-81, he was Deputy Assistant for Domestic Policy to President Jimmy Carter. After graduating from Duke in 1970, he attended the University of Chicago Law School.
Information from the Associated Press and Field Level Media was used in this report.