The Orioles could soon be sold to two billionaires, David Rubenstein and Mike Arougheti, for $1.725 billion, according to a report by Puck’s John Ourand.

Rubenstein, a Baltimore native who’s the co-founder of Washington’s Carlyle Group, has long coveted the team, and he’s added Arougheti, a New York investor to his group. The 51-year-old Arougheti is the co-founder of Ares Management.

According to Ourand, John Angelos, the team’s chairman and CEO, will sell 40 percent of the team to Rubenstein and Arougheti, and then will buy the rest of the Angelos family’s stake upon the death of his 94-year-old father, Peter Angelos, who has been in declining health. Peter Angelos led a group to buy the Orioles for $173 million in 1993.

Rubenstein would replace John Angelos as the control person of the team.

Reports surfaced last month that Rubenstein had real interest in the team as the Orioles were negotiating an extension of their lease to Camden Yards, which was set to expire at the end of the year. Those reports delayed the eventual extension, which was finally agreed to and approved by the Maryland Sports Authority.

Ourand says that the deal will be discussed at next week’s owners’ meetings in Orlando, and there is not a timetable for the deal to close.
According to the Baltimore Banner, Orioles legend Cal Ripken Jr., is part of Rubenstein’s group. Ripken was once interviewed by Rubenstein in an event at the Smithsonian.

Rubenstein was part of a group that sought to buy the Washington Nationals, but that group’s offer was rebuffed.

The Orioles and Nationals are co-owners of the Mid-Atlantic Sports Network, and according to The Sun, it’s included in the deal.

The Orioles have not commented on the report.