The parent club of the Norfolk Tides according to multiple reports will be under new ownership. Current owner John Angelos has agreed to sell the Orioles franchise to private equity billionaires David Rubenstein and Mike Arougheti for $1.725 billion on Tuesday. Rubenstein is a Baltimore native.
Rubenstein had shown interest in buying the Washington Nationals. He and Arougheti are founders of the private equity firms the Carlyle Group and Ares Management Corp., respectively.
Cal Ripken, Jr., who spent his entire 21 year career with the Orioles is also reportedly part of the new ownership group. He won rookie of the year in 1982, holds two MVP awards, went to 19 All-Star games and was inducted into the Baseball Hall of Fame in 2007.
Recently the Orioles finalized a deal with the Maryland Stadium Authority to stay at Camden Yards for the next 15 years with the possibility of expanding it to 30. A good portion of the Orioles roster in the last two to three years came through Hampton Roads.