(Bloomberg) -- Carlyle Group Inc. co-founder David Rubenstein and a consortium of investors agreed to buy a controlling stake in the Baltimore Orioles baseball team from the Angelos family in a deal that values the franchise at $1.73 billion.

The group includes 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.; former Baltimore Mayor Kurt Schmoke; and former New York City Mayor Michael Bloomberg. Bloomberg is the founder and majority owner of Bloomberg News parent Bloomberg LP.

Rubenstein will be the controlling owner of the Orioles upon the close of the transaction, the family said in a statement. The deal is subject to review by Major League Baseball.

Under the terms of the agreement, the Rubenstein-led group would first buy a roughly 40% stake from the team’s majority owner, the Angelos family, according to a person familiar with the matter. They’d acquire the rest of the franchise after Peter Angelos, 94, dies.

“When I took on the role of Chair and CEO of the Orioles, we had the objective of restoring the franchise to elite status in major league sports, keeping the team in Baltimore for years to come, and revitalizing our partnership group,” John Angelos said. “This relationship with David Rubenstein and his partners validates that we have not only met but exceeded our goals.”

A Baltimore native, the 74-year-old Rubenstein said he’s been an Orioles fan for his entire life.

“I look forward to working with all the Orioles owners, players and staff to build upon the incredible success the team has achieved in recent seasons,” he said. “Our collective goal will be to bring a World Series Trophy back to the City of Baltimore.”

Bloomberg News reported in December that Rubenstein was among several suitors in talks to acquire the MLB franchise. He has a net worth of $5.1 billion, according to the Bloomberg Billionaires Index. He also hosts a show on Bloomberg Television.

Rubenstein joins other private equity and hedge fund billionaires who have entered the ranks of sports owners in recent years. 

A group led by Josh Harris, a co-founder of Apollo Global Management Inc., bought the NFL’s Washington Commanders for a record $6 billion, adding to his portfolio of sports holdings that includes stakes in the NBA’s Philadelphia 76ers and the NHL’s New Jersey Devils. 

Steve Cohen, founder of Point72 Asset Management, bought the New York Mets for $2.4 billion in 2020, the most ever for a MLB franchise.

(Updates with more members of ownership group in second paragraph, statements from John Angelos and David Rubenstein)

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