David Rubenstein Approved As New Baltimore Orioles Owner

Major League Baseball's owners have unanimously approved private-equity billionaire David Rubenstein as the new owner of the Baltimore Orioles.

The accelerated sale, which will eventually give Rubenstein and his ownership group 70% of the Orioles, transferred control of the team to him less than two months after he agreed to buy it from the Angelos family.

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The $1.725 billion valuation for the Orioles is the third highest for the sale of a baseball team, behind Steve Cohen's $2.4 billion deal for the New York Mets in 2020 and the $2.15 billion purchase of the Los Angeles Dodgers by a group led by Mark Walter in 2012. Peter Angelos bought the Orioles in 1993 for $173 million.

Rubenstein will oversee a team that won an American League-best 101 regular-season games last year and features arguably the best young core in baseball.

Though the Orioles enter the season with one of the lowest payrolls in baseball at $96.6 million, Rubenstein is expected to infuse the team with cash, either to bring in marquee free agents or lock up young players on long-term deals.

The 74-year-old brings with him a gaudy list of investors including Orioles legend Cal Ripken Jr., former New York City mayor Michael Bloomberg, CEO of the Ares Management investment firm Michael Arougheti, Basketball Hall of Famer Grant Hill, and former Baltimore mayor Kurt Schmoke.

In December, the Orioles signed a 30-year lease to remain at Camden Yards, which includes a provision allowing the team to develop land around the stadium.

LOOK: MLB history from the year you were born

Stacker compiled key moments from Major League Baseball's history over the past 100 years. Using a variety of sources from Major League Baseball (MLB) record books, the Baseball Hall of Fame, and audio and video from events, we've listed the iconic moments that shaped a sport and a nation. Read through to find out what happened in MLB history the year you were born.

Gallery Credit: Seth Berkman

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