• Loading stock data...
Saturday, August 23, 2025
The biggest names in sports media. All in one room. Buy tickets now!

Capital Changes: Orioles’ Sale Marks Latest Deal in a Transforming Region

  • The deal for an MLB team closely follows big local moves across pro football, basketball, and hockey.
  • The Baltimore-Washington region is set to see several new major sports facility projects.
Baltimore-Orioles-Camden-Yards
Tommy Gilligan-USA TODAY Sports

For nearly a quarter century, many of the key elements of Baltimore-Washington pro sports were seemingly cast in stone. Dan Snyder owned the Washington Commanders. The family of Peter Angelos controlled the Baltimore Orioles. And the Washington Wizards and Capitals played at Capital One Arena in D.C.’s Chinatown.

In the span of just six months, that has dramatically changed, transforming one of the country’s largest and most important sports markets.

Billionaire private equity executive and Baltimore native David Rubenstein is buying the Orioles, valuing the team at $1.725 billion and representing the latest landmark sports deal in the national capital region. That agreement closely follows an emerging effort by Wizards and Capitals owner Ted Leonsis to build a $2 billion arena and mixed-use development in Alexandria, Va., and move the two teams there, as well as the $6.05 billion purchase last summer of the Commanders by a Josh Harris-led group.

“Not bad for a supposedly sleepy market, huh?,” Matt Winkler, a professor of sports analytics and management at American University, tells Front Office Sports. “We’re definitely entering a new era here, particularly as it relates to stadium-going in the region.”

On one hand: The run of deals offers plenty of promise for local fans as Harris succeeded the highly unpopular and controversial Snyder; Rubenstein takes the reins of the Orioles as the teams enters a competitive high point in franchise history; and Leonsis is looking to upgrade the 26-year-old arena with an expansive project offering many more amenities than just a sports arena.

But there are still serious potential pitfalls in each scenario, too. The Commanders finished 4-13 in Harris’s first season, and the owner is now embarking on a head coaching search while trying to solve a long-troublesome quest for a new stadium site. Political and residential opposition is quickly growing around Leonsis’s proposed Alexandria project. And while the Orioles have a newly completed lease extension for Oriole Park at Camden Yards, parameters of a planned development around the stadium remain uncertain—a factor that could allow the team to depart in as little as 15 years. Already, there are frustrations among Maryland politicians, as Orioles chair and CEO John Angelos previously insisted to state leaders repeatedly that the team was not for sale.

“It wasn’t just that we weren’t told something. We were lied to,” Maryland state treasurer Dereck Davis said Wednesday at a Board of Public Works meeting. 

More Questions in Birdland 

The other major issue surrounding the Rubenstein deal for the Orioles relates to the regional, team-controlled Mid-Atlantic Sports Network. A 2005 settlement between Angelos and MLB involving the Montreal Expos’ relocation to become the Washington Nationals gave the Orioles a majority interest in the regional sports network, which has been the source of legal drama for more than a decade. 

The Rubenstein purchase—including in the ownership group a series of major sports figures and business leaders including Hall of Famers Cal Ripken Jr. and Grant Hill—reportedly includes the network, and the terms from the original league settlement remain intact. But MASN is experiencing the same decline of the traditional pay TV business as every other RSN, and it, too, could face a potential carriage issue as a contract with its key distribution partner, Comcast, expires in February.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Nov 23, 2024; Minneapolis, Minnesota, USA; Penn State Nittany Lions head coach James Franklin looks at quarterback Drew Allar (15) during the first quarter against the Minnesota Golden Gophers at Huntington Bank Stadium.

Private Equity Enters College Sports—Without the Equity

As college football starts, lending agreements have become PE’s best way in.
Samuel Basallo

Orioles Give Catcher Record Extension Amid Adley Rutschman’s Stunning Fall

Samuel Basallo’s reported $67M deal would be a record for pre-arbitration catchers.

SEC Adopts 9-Game Conference Schedule As CFP Changes Loom

The conference matches schedule formats used by the Big Ten and Big 12.
Mo Vaughn

How Michael Bloomberg Jump-Started Mo Vaughn’s Business Career

The Red Sox legend had a sprawling housing empire before starting a podcast.

Featured Today

Dec 21, 2024; Austin, Texas, USA; Texas Longhorns quarterback Arch Manning (16) warms up as the Texas Longhorns prepare to play the Clemson Tigers in the first round of the College Football Playoffs at Darrell K Royal Texas Memorial Stadium.

Schools Are Hesitant to Allow PE Into Their Athletic Departments

Regardless of budget, schools don’t believe the risk is worth the reward.
Oct 2, 2024; Rosemont, IL, USA; Big Ten commissioner Tony Petitti speaks with the media during the 2024 Big Ten Women’s Basketball media day at Donald E. Stephens Convention Center.
August 22, 2025

‘Not Ready to Jump In’: Power 4 Commissioners Aren’t Sold on PE

Top leaders in college sports have yet to see a satisfactory proposal.
Sep 8, 2024; East Rutherford, New Jersey, USA; New York Giants running back Eric Gray (20) returns a kickoff against the Minnesota Vikings during the first half at MetLife Stadium.
August 18, 2025

‘Fauxbacks’ Throw Back to a Retro Uniform That Never Existed

Many throwback jerseys are brand-new designs or “Franken-Unis.”
August 17, 2025

‘Labubu Gang’: The Creepy-Cute Dolls Sweeping Pro Sports

The creepy-cute doll is the hottest collectible—and fashion statement.

American Celebs Want to Be Sports Owners. Soccer Is Where They Start

As U.S. team prices climb, investors set their sights abroad.
June 24, 2025

Timberwolves’ 4-Year Ownership Saga Ends As A-Rod, Lore Take Over

The unanimous approval brought a clean end to a long-disputed transaction.
Apr 26, 2025; San Francisco, California, USA; Houston Rockets guard Fred VanVleet (5) before game three of first round for the 2024 NBA Playoffs against the Golden State Warriors at Chase Center.
June 25, 2025

Rockets Get $20 Million in Wiggle Room From New VanVleet Deal

VanVleet first signed with the Rockets in 2023.
Sponsored

Building A Pro League From Scratch

Front Office Sports and Gainbridge® spotlight what it takes to build a professional women’s soccer league.
April 20, 2025

Max Verstappen Linked to $300M Aston Martin Deal Ahead of Miami GP

Aston Martin is currently seventh in the constructors championship.
March 27, 2025

Peyton Manning’s Omaha Productions Gets PE Boost

The Hall of Famer’s company gains another prominent backer.
March 20, 2025

High School Sports Power Signs Eight-Figure Rights Deal in First

The deal pays roughly $1 million annually, FOS has learned.
March 20, 2025

Maxx Crosby’s Agent: Edge Rushers Set to Dominate NFL’s Non-QB Market

Maxx Crosby just signed a three-year, $106.5 million extension.