Stadium authority OKs Orioles’ transfer
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 by the Maryland Stadium Authority board.
The Orioles’ lease with the state 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. 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 control of the club once MLB’s owners approve the deal.
Rubenstein’s LLC was formed Jan. 11 in Delaware. Both Rubenstein and Ares Management co-founder Michael Arougheti, who is set to be a part of the new ownership group, are listed as co-presidents of Inner Harbor Sports, according to the resolution approved by the stadium authority. That resolution also references Charm Partners LLC, noting that Rubenstein is that entity’s manager.
The Orioles and the stadium authority, which owns Camden Yards, agreed on a lease in December, just weeks before the current agreement was set to expire. That lease will keep the Orioles in Baltimore for at least 15 years and unlocks at least $400 million in state investment for the ballpark.
The lease would transfer under new ownership. That was underscored in the stadium authority’s resolution Wednesday, which stated there would be “no impact” on the ballpark lease.
The Angelos family, which has 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 regional 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 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.
In addition to the Orioles’ ownership approval, the stadium authority board approved one other item Wednesday: awarding a $2 million contract for new furniture at the club level at M&T Bank Stadium, ahead of the upcoming Ravens season. The stadium, which will host a soccer match Aug. 6 between European giants FC Barcelona and AC Milan, is undergoing a three-year, state-funded $430 million renovation.
As a result of 2022 legislation and the Orioles signing a lease in December with the state, Oriole Park at Camden Yards will be in line for similar upgrades soon.