David Rubenstein

David Mark Rubenstein

• School Duke University, University of Chicago
• High School Baltimore City College

• Born August 11, 1949 in Baltimore, MD USA

Biographical Information

David Rubenstein is a businessman and lawyer who made his fortune through a private equity investment company, The Carlyle Group. On January 31, 2024, he came to an agreement with John Angelos, representing the Angelos family, to purchase what will eventually become a majority share in the Baltimore Orioles.

Rubenstein was born and grew up in Baltimore, MD. He obtained an undergraduate degree in political science from Duke University and a law degree from the University of Chicago before starting a career in law and government. In 1987, he founded his private investment form with two other major investors, and it quickly became a global player in the industry with almost $300 billion in assets and some 1,800 employees. He also became an active philanthropist and has served on the board or as president of a number of major institutions, including the Kennedy Center for the Performing Arts, the Smithsonian Institution, the National Gallery of Arts and the Council on Foreign Relations.

Talk about a sale of the Orioles began around 2020 when principal owner Peter Angelos had to relinquish day-to-day control of the team to his son John due to failing health. It soon emerged that John was in conflict with other family members, including his brother Louis, feeding rumors that a sale was in the works. John had committed to keeping the team in Baltimore for the long term however, so Rubenstein, a native of the city, was a perfect fit. In the proposed deal announced on in early 2024, Rubenstein would be the principal of a group of investors making an investment of $1.725 billion to at first control 40% of the team, achieving majority ownership whenever the elder Angelos, 94 and in poor health at the time of the deal, passes away. Other investors include Michael Arougheti, Mike Bloomberg and Michele Kang, among figures from the business world; former Baltimore mayor Kurt Schmoke; former Orioles great Cal Ripken Jr.; and NBA Hall of Famer Grant Hill. The sale received the required approval from Major League Baseball's ownership committee and a majority of other team owners on March 27, 2024.

In addition to his professional life, Rubenstein had authored a number of books on the subjects of history as a practical discipline and leadership.

Further Reading

• Jake Rill: "Angelos family agrees to sell control stake in O's to David Rubenstein", mlb.com, January 31, 2024. [1]