• Loading stock data...
Friday, August 1, 2025
Tuned In returns to NYC on September 16. Hear from the biggest names in sports media. Click here to get your spot

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

McLaurin

Terry McLaurin Asks Out of Washington Amid Contract Standoff

McLaurin is in the final year of a three-year, $68 million contract. 
Carlos Correa
exclusive

Twins Moving Toward Selling Team After Deadline Teardown

Minnesota moved about 40% of its roster ahead of the trade deadline.
Michael Johnson
exclusive

Grand Slam Track Misses Deadline to Pay Athletes $3 Million

The league said it would pay athletes for their Kingston meet Thursday.
NCAA Track

NIL Collectives Can Still Pay College Athletes, With Some Restrictions

NIL collectives will still play a pivotal role in recruiting.

Featured Today

Las Vegas sign

College Sports Embracing Vegas After Years of Cold Shoulder

The Big Ten became the latest newcomer to Sin City.
2000, Jupiter, FL, USA; FILE PHOTO; Montreal Expos pitcher Hideki Irabu in action on the mound against the New York Mets at Roger Dean Stadium during Spring Training
July 28, 2025

Dead Sports Franchises Are Alive and Well on Twitter

The Expos, Sonics, and Whalers have active social media accounts.
Limited Hype
July 27, 2025

Sneaker Reselling Was Once Easy Money. Success Is Now Complicated

Vendors need to evolve what they’re selling and how they do it.
HAPPY GILMORE 2. BTS - (L to R) Adam Sandler as Happy Gilmore and Rory McIlroy as himself on the set of Happy Gilmore2.
July 26, 2025

‘Cool As Hell’: How ‘Happy Gilmore 2’ Hooked Golf’s Top Stars

The process was “cool as hell,” Adam Sandler tells FOS.
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.

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

VanVleet first signed with the Rockets in 2023.
April 20, 2025

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

Aston Martin is currently seventh in the constructors championship.
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.
Sponsored

Game On: Portfolio Players Stories, Brought to You by E*TRADE from Morgan Stanley

Dealmaker Jeffrey Kaplan maps the evolution of sports as an asset class
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.
March 4, 2025

Eagles Make Saquon Barkley NFL’s Highest-Paid Running Back Ever

Barkley is coming off a historic 2024 season with the Eagles.