The transfer of ownership in the Orioles to the group led by billionaire and philanthropist David Rubenstein was completed Thursday, giving Rubenstein and his co-owners full control of Baltimore’s Major League Baseball organization.

Rubenstein’s group completed the majority purchase of the Orioles over the offseason, and it was approved by MLB on the eve of opening day.

Ahead of the home opener, the Baltimore native appeared at a press conference alongside co-owners Michael Arougheti, Michael Smith and Mitchell Goldstein to mark the change in ownership.

The finalization of the sale buys out many of the last remaining minority ownership of the previous group, which was led for decades by the Angelos family. During their tenure, minority owners in the Baltimore Orioles Limited Partnership Group included former tennis star Pam Shriver, filmmaker Barry Levinson and novelist Tom Clancy.

Shriver and Levinson will retain small stakes in the team under the Rubenstein-led group, a source with direct knowledge of the situation told The Banner.

John Angelos, the former control person before Rubenstein stepped into the role, did not respond to requests for comment.

Investment bank BDT & MSD led the capital raise, according to a spokesperson, and the demand for stakes exceeded the supply. Prior to Thursday, Rubenstein’s group owned 40% of the team. It purchased the remaining 60%, and the ownership group includes several previously reported big names.

Among them are Hall of Famer Cal Ripken Jr., former Baltimore Mayor Kurt Schmoke, NBA Hall of Famer Grant Hill and former New York Mayor Mike Bloomberg.

Angelos, who was announced as a senior adviser in January, is not included as an Orioles advisory board member, according to the club’s website.

One change to the David Rubenstein-led ownership group of the Orioles is businesswoman Michele Kang, who was initially announced as part of the group but chose not to invest, a spokesperson said.

The rest of the ownership group includes Bill Miller, Arnold Lee, Bryan Cameron, Michael Hankin, John Connaughton, Rick Rieder, Timothy Haviland, Stan Chen & Ramsdell family, Lauren Tabak Fass, Jason Reese, Tony Yoseloff, Andrew Agetstein, Andrew Schwartzberg, the Schwab and Silfen families, Bennett Rosenthal, George Leiva and Debra Cafaro.

Rubenstein, 74, grew up in Northwest Baltimore and graduated from Baltimore City College before helping to found The Carlyle Group, a private equity firm that has grown into one of the largest in the world.

In a statement, Rubenstein said his ownership group looks forward “to working with our partners in the city and state as we refurbish Orioles Park, develop the area surrounding Camden Yards, and enhance the experience for all Orioles fans.”

As part of the lease agreement signed between Angelos and the Maryland Stadium Authority over the winter, the Orioles can formulate a development plan for the area surrounding Camden Yards. The plan must be approved by the state.

In addition, the Orioles can use part of $600 million in bond money for stadium improvements. Should a ground lease be agreed to (which would extend the stadium lease to at least 2053), the Orioles can access the full $600 million.

“I thank John Angelos and his family for their leadership and ownership of the team over the last 30 years,” Rubenstein said in a statement. “John led a dramatic overhaul of the team’s management, roster, recruitment strategy, and farm system. We are building on these accomplishments thanks to the outstanding work of Mike Elias, his leadership team, Brandon Hyde, and our great players.

“We’re thrilled to have Catie Griggs soon join us as the new team President of Business Operations as we focus on winning on and off the field. As an ownership group we are firmly committed to this team and to my hometown. Our ownership group comprises a group of world class investors, Baltimore leaders, and sports legends who are committed to the success of the Orioles and the revitalization of Baltimore.”

At the trade deadline, Baltimore swung seven deals and added nine players to the organization, including right-hander Zach Eflin and left-hander Trevor Rogers. Elias, the executive vice president and general manager, said the ownership group was “very eager” to supplement the roster.

“This was really the first opportunity that they had to show their willingness and ability to improve the roster,” Elias said. “They certainly gave us everything that we needed to explore everything.”

In a statement, Arougheti said: “I want to extend my sincere thanks to the Angelos family for their stewardship of the Orioles over the years. My partners and I are grateful and humbled by the opportunity to work alongside David Rubenstein and Orioles leadership to help guide the team into its Next Chapter. It has been energizing to see the outpouring of support from the great city of Baltimore and the best fans in baseball who have taken Orioles game attendance and TV viewership to a new level. We’re excited to push through the home stretch and remain committed to supporting Mike Elias, his outstanding leadership team, Brandon Hyde, and our incredible players on bringing a World Series title back to Baltimore.”