An AP source reports that David Rubenstein has reached a deal to purchase the Baltimore Orioles for $1.725 billion.

An agreement has been reached between David Rubenstein, co-founder of Carlyle Group Inc., and the seller to purchase the Baltimore Orioles for $1.725 billion, according to a source.

On Tuesday night, an anonymous source spoke to The Associated Press about the agreement that had not yet been announced. According to the source, Rubenstein, a native of Baltimore, will become the team's controlling owner and has assembled an investment team that includes Ares co-founder Michael Arougheti.

Since 1993, the Orioles have been under the control of the Angelos family, with Peter Angelos purchasing the team for $173 million. Currently, John Angelos serves as the team's chairman. Recently, the Orioles reached a deal on a new lease extension at Camden Yards, which was approved by Maryland officials after several months of negotiations.

The lease for the ballpark was extended for 30 years, but the team has the option to terminate it after 15 years if they do not receive approval from state officials for development plans adjacent to the ballpark.

After graduating from Duke in 1970, Rubenstein attended University of Chicago Law School. Prior to forming Carlyle in 1987, he was a deputy assistant for domestic policy to President Jimmy Carter from 1977-81.

Puck first reported that the sale agreement, which needs approval from major league owners, was made public.

The Orioles, who had a 101-win season and their first AL East title in 2014, are looking bright with young stars like Adley Rutschman, Gunnar Henderson, and Jackson Holliday on the team.

The Orioles could have a lengthy window of contention if the new ownership group is able to keep Baltimore's young core together, despite the team's low payroll and quiet offseason so far.

Upon Peter Angelos' acquisition of the Orioles, they were playing at Camden Yards, a revolutionary downtown baseball park. The team spent lavishly, and in 1997, they won the division with future Hall of Famers Cal Ripken, Roberto Alomar, Mike Mussina, and Harold Baines.

The Orioles didn't make the postseason again until 2012, when they began a renaissance under manager Buck Showalter. However, they had to rebuild again, losing at least 108 games in 2018, 2019 and 2021, a streak interrupted only by the pandemic-shortened 2020 season.

Despite posting the best record in the American League last year, there were warning signs, including a New York Times article in which Angelos stated: "If we give this player $200 million, that player $150 million, we would be so financially underwater that we'd have to drastically increase prices."

The approval of a sale requires a vote of at least 75% by the 30 major league teams, and the process usually takes several months to complete.