Carlyle Group Inc. co-founder David Rubenstein has reached an arrangement to buy the Baltimore Orioles for $1.725 billion, according to a individual with understanding of the offer.
The individual spoke to The Associated Press on condition of privacy Tuesday night since the arrangement had not been revealed. Rubenstein, a Baltimore native, would take over as the group’s managing owner, and he’s puttogether an financialinvestment group that consistsof Ares co-founder Michael Arougheti.
The Angelos household hasactually been in control of the Orioles because 1993, when Peter Angelos acquired the group for $173 million. Angelos’ child John is the group’s existing chairman. The group justrecently reached a offer on a brand-new lease extension at Camden Yards. Maryland authorities authorized that long-lasting arrangement after months of settlements.
The offer extended the lease for 30 years, with an choice to end it after 15 if the group does not get approval from state authorities for advancement strategies next to the ballpark.
Prior to forming Carlyle in 1987, Rubenstein practiced law in Washington. From 1977-81, he was a deputy assistant for domestic policy to President Jimmy Carter. After finishing from Duke in 197