The Deal with Alex Rodriguez and Jason Kelly
Why Wall Street Giant David Rubenstein Bought the Baltimore Orioles
Oct 10, 2024
David Rubenstein, co-founder of The Carlyle Group and principal owner of the Baltimore Orioles, shares his journey from private equity to baseball ownership. He discusses the motivations behind purchasing the Orioles, emphasizing his hometown pride and community ties. The conversation includes insights on revitalizing the franchise through player analytics and local engagement. Rubenstein also addresses the challenges facing baseball in attracting younger fans and enhancing diversity, blending business acumen with sports passion.
48:14
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Quick takeaways
- David Rubenstein's purchase of the Orioles was motivated by his personal ties to Baltimore and a commitment to community revitalization.
- The complexity of negotiations with the Angelos family highlighted the challenges of acquiring a professional sports team in today’s market.
Deep dives
David Rubenstein's Journey to Ownership
David Rubenstein's decision to acquire the Baltimore Orioles stemmed from a lifelong connection to Baltimore and a desire to contribute to the community. After years of involvement in private equity through the Carlyle Group, he shifted his focus to baseball ownership, teaming up with fellow investor Ted Leonsis. Negotiations with the Angelos family were complex, involving back-and-forth discussions that spanned nearly a year. Ultimately, Rubenstein purchased a minority stake initially, leading to full ownership, which he views as both an investment and a philanthropic opportunity.
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