[ad_1]
The Baltimore Orioles’ $1.725 billion sale to Carlyle (CG) co-founder David Rubenstein is nearly complete and dusted.
A person with direct knowledge of the lawsuit tells Yahoo Finance that Rubenstein, a Baltimore native and lifelong Orioles fan, will become the “controlling” owner of the team. An investment consortium consisting of Ares Management co-founder Mike Arrogetti and Orioles Hall of Famer Cal Ripken will also participate.
The consortium will also include other sports stars and celebrities, sources said. Couldn’t learn name.
The deal for Mr. Rubenstein, who has a net worth of about $3.7 billion, could be formally announced by the end of today, the people said. MLB still needs to approve the sale from longtime owners the Angelos family.
Rubenstein’s purchase of the Orioles is just another feather in the cap for the businessman turned philanthropist turned television interviewer.
In 1987, Rubenstein co-founded The Carlyle Group with William Conway, Stephen Norris, Daniel Daniello, and Greg Rosenbaum. Today, the private equity powerhouse boasts more than $382 billion in assets under management across three business segments and 543 investment vehicles.
The company recently appointed former Goldman Sachs (GS) top executive Harvey Schwartz as CEO.
Along the way, the former aide to President Jimmy Carter became a prominent philanthropist who signed the Giving Pledge and a show host who interviewed the world’s top leaders.
One of those interviews included a 2018 conversation with Amazon (AMZN) founder Jeff Bezos.
“When I interviewed Jeff Bezos, it was pretty good,” Rubenstein recalled in an April 2023 interview with Yahoo Finance. “I have known him for some time and we had a very good relationship with him.”
Brian Sozzi I’m the executive editor of Yahoo Finance. Follow Sozzi on Twitter/X @BrianSozzi And even more linkedin. Have a tip about a deal, merger, activist situation, or more? Email brian.sozzi@yahoofinance.com.
For the latest stock market news and in-depth analysis of price-moving events, click here.
Read the latest financial and business news from Yahoo Finance
[ad_2]
Source link
