The Orioles have been acquired by a group of investors, including Cal Ripken Jr. and Grant Hill.

The investor group that has agreed to buy the Baltimore Orioles includes Cal Ripken Jr., Grant Hill, former New York Mayor Michael Bloomberg, and former Baltimore Mayor Kurt Schmoke.

David Rubenstein, a Baltimore native and co-founder of the Carlyle Group, is the head of the group that has reached an agreement with the Angelos family, as announced in a news release on Wednesday.

I am thrilled to be back in the Orioles organization and I express my gratitude to David for inviting me to the ownership group," Ripken stated. "The Orioles have been a significant part of my life since my childhood, and today is a special day.

For the past three decades, the Angelos family has managed the team, and now they are selling a controlling stake to Rubenstein for $1.725 billion.

Rubenstein expressed gratitude to the Angelos family for allowing him to join the Orioles team he has admired since childhood. He is excited to collaborate with the team's owners, players, and staff to continue the recent success of the team. Their shared objective is to win a World Series and bring glory back to Baltimore. To the fans, Rubenstein stated that they do it for them and could not achieve their goal without their support.

The club's current chairman, John Angelos, will continue to serve as a senior adviser.

Angelos stated that he is personally dedicated to aiding David and his partners in elevating the franchise to its next level. He added that the transaction is advantageous for Major League Baseball and the city of Baltimore and Maryland. He expressed gratitude to the fans and supporters who have been cheering on the O's and will continue to do so as they celebrate more success in the future.

Rubenstein's investment team includes Hall of Famers Ripken and Hill, who have ties to the extended area. Ripken, born in Havre de Grace, Maryland, is an Orioles legend. Hill, from northern Virginia, is not far from Washington.

The investment group comprises Bloomberg, Schmoke, Ares Management co-founder Michael Arougheti, Ares Credit Group co-heads Mitchell Goldstein and Michael Smith, and Cognosante founder Michele Kang, who also owns the Washington Spirit of the NWSL.

The sale must be approved by Major League Baseball ownership with a 75% vote.

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, and the Orioles have recently agreed on a new lease extension at Camden Yards.

The Maryland Stadium Authority, the Moore-Miller Administration, and Governor Moore congratulate Baltimore natives David Rubenstein, Michael Bloomberg, Kurt Schmoke, Mike Arougheti, NBA legend Grant Hill, and Orioles legend Cal Ripken Jr. on their acquisition of the Baltimore Orioles. Carter Elliott, spokesman for Maryland Gov. Wes Moore, stated that the governor looks forward to maintaining a strong relationship between the State of Maryland and the Baltimore Orioles.

The Angelos family is thanked by Governor Moore for their contributions to the Orioles community and franchise. The administration's priority of keeping the Orioles in Baltimore for the long term has been achieved through this transaction.

The Angelos family will keep a significant investment in the team.

John Angelos stated that when he assumed the position of chair and CEO of the Orioles, the objective was to restore the franchise to its former glory in major league sports, secure the team's future in Baltimore, and revitalize the partnership group. He added that the relationship with David Rubenstein and his partners confirms that they have not only achieved but surpassed their goals.

The Orioles had their best season in 42 years last year with 101 wins, and their future looks promising with young stars Adley Rutschman and Gunnar Henderson, along with a loaded farm system that has continued to produce top prospects.

Despite fans' complaints about the team's low payroll, this sale provides hope that the Orioles may spend enough to maximize their recent talent acquisition.