John Angelos has agreed to sell the Baltimore Orioles to a group led by Carlyle Group Inc. co-founder David Rubenstein, according to multiple reports on Tuesday.
The transaction reportedly values the Orioles at $1.725 billion.
Rubenstein, a Baltimore native, reportedly will take over as the team\'s controlling owner. He has assembled an investment team that includes Ares co-founder Michael Arougheti.
Major League Baseball still must approve the sale. Owners are scheduled to meet next week in Orlando, Florida.
Via ESPN.com