Rubenstein-Led Deal to Buy MLB’s Orioles Gains Key Approval

Major League Baseball’s ownership committee has approved the purchase of a controlling stake in the Baltimore Orioles by Carlyle Group Inc. co-founder David Rubenstein and a consortium of investors in a deal that values the team at$1.73 billion, according to people with knowledge of the matter.

Rubenstein, who will be the so-called control person of the team, is pursuing the purchase from the Angelos family alongside several co-investors. They include Ares Management Corp. co-founder Michael Arougheti; Mitchell Goldstein and Michael Smith, co-heads of Ares Credit Group; Orioles legend and Hall of Famer Cal Ripken Jr.; ...