AP Source; Rubenstein To Buy Orioles For $1.72 Billion

A person with knowledge of the deal says Carlyle Group Inc. co-founder David Rubenstein has reached an agreement to buy the Baltimore Orioles for $1.725 billion. The person spoke to The Associated Press on condition of anonymity Tuesday night because the agreement had not been announced. Rubenstein is a Baltimore native. He will take over as the team’s controlling owner, and he’s assembled an investment team that includes Ares co-founder Michael Arougheti. The Angelos family has been in control of the Orioles since 1993, when Peter Angelos purchased the team for $173 million. Angelos’ son John is the team’s current chairman. The team recently reached a deal on a new lease extension at Camden Yards.