The Orioles could have new ownership by opening day on Thursday.

Major League Baseball will vote Wednesday on the sale of a majority stake in the Orioles to a group led by David Rubenstein, a source familiar with the matter confirmed to The Baltimore Banner, the final step before the transfer is finalized. It requires the approval of at least 22 of the other 29 owners.

The sale is expected to be approved.

John Angelos, who had been the “control person” of the team since 2020 due to the declining health of his father, Peter Angelos, agreed to sell in January. The elder Angelos, who led a group that bought the team in 1993 to keep it in local hands, died Saturday at 94.

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Rubenstein and his group — which includes billionaire Michael Bloomberg, Orioles legend Cal Ripken Jr., billionaire Michael Arougheti, Washington Spirit owner Michele Kang, former Baltimore mayor Kurt Schmoke and NBA Hall of Famer Grant Hill — will start out by owning a 40% stake.

Peter Angelos’ death does not impact the sale, but the Rubenstein-led group can now purchase an additional stake of the team at a later date if its members choose to. John Angelos intends to stay involved as a senior adviser.

The deal values the franchise at $1.725 billion and includes the Mid-Atlantic Sports Network, which broadcasts both Orioles and Nationals games.

The deal was fast-tracked by MLB. Commissioner Rob Manfred committed to getting the deal done as quickly as possible. The sale has already been approved by the league’s ownership committee and the Maryland Stadium Authority, two key steps in the process.

Rubenstein, a Baltimore native and billionaire, made his fortune as co-founder of the Carlyle Group, one of the largest private equity firms in the world. He has already taken several trips to Ed Smith Stadium, the Orioles spring training home, and Camden Yards, interacting with fans and talking with team and state officials.

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He will be taking the reins on a franchise that won 101 games last year and took the American League East title for the first time since 2014. They have a new ace in Corbin Burnes this season, and are returning a young core headlined by 2023 AL Rookie of the Year Gunnar Henderson and All-Star catcher Adley Rutschman.

The Orioles also have the No. 1 farm system in the country, with Jackson Holliday, the No. 1 prospect in baseball, expected to debut this season.

Danielle Allentuck covers the Orioles for The Baltimore Banner. She previously reported on the Rockies for the Denver Gazette and general sports assignments for The New York Times as part of its fellowship program. A Maryland native, Danielle grew up in Montgomery County and graduated from Ithaca College.

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