Around this time last year, MLB owners approved the sale of the Orioles to a group led by billionaire David Rubenstein.

The co-founder of The Carlyle Group paid a hefty sum for a controlling stake in the franchise, ponying up $1.725 billion for the privilege to be the point man in Baltimore.

Prior to this most recent sale, the Orioles had been owned by the Angelos family, with Peter Angelos purchasing the franchise for a then-record $173 million back in 1993.

When Peter fell ill in 2019, his eldest son John stepped in and functioned as the face of the franchise, to disastrous results.

When the Orioles were sold in the 90’s, things were a bit different.

The previous owner, Eli Jacobs, lost the franchise in bankruptcy proceedings and Peter Angelos bought the team at auction.

The $173 million valuation was seen as an astounding price at the time, and while other teams might have sold for more in a similar situation, it did make the Orioles one of the most valuable properties in the league.

Orioles’ latest valuation makes David Rubenstein’s purchase look like a shrewd decision

That’s no longer the case, as most current valuations have the Orioles either in the middle or the back of the pack.

In CNBC’s most recent list, Michael Ozanian has the O’s valued at $1.85 billion, good for 19th league wide.

That feels about right, given the recent sale price and what was, until recently, a very messy RSN contract situation.

While it’s not far off the total price paid by Steve Cohen, who bought the Mets for $2.4 billion back in 2020, the $1.725 billion spent by Rubenstein could wind up looking like a bargain when all is said and done.

Cohen has already seen his team’s valuation rise drastically, with the Mets now valued at $3.15 billion, per CNBC.

And even with the dramatics surrounding the collapse of the RSN market, the business of baseball is still booming.

The game is extremely popular, with league revenues reaching past $12.1 billion in 2024 and strong attendance records across the board.

The Orioles are no different, with the team’s recent on-field success bringing fans back to Camden Yards in droves.

All those extra tickets sold, along with the merchandise and concessions that go along with it, are a boost for a franchise that struggled heavily between 2017-2021.

As long as Rubenstein keeps investing in the product and trusting his executive team to get the job done, Baltimore’s franchise valuation should keep climbing. At the end of the day, that’s great news for Rubenstein.