Orioles agree $1.725bn sale to Carlyle Group co-founder David Rubenstein

• Baltimore-native David Rubenstein will be controlling owner
• Orioles legend Cal Ripken Jr part of investment group

Carlyle Group Inc co-founder David Rubenstein has reached an agreement to buy the Baltimore Orioles for $1.725bn, a source told the Associated Press.

If the deal is approved by Major League Baseball, Rubenstein, a Baltimore native, would take over as the team's controlling owner. He has assembled an investment team that includes Ares co-founder Michael Arougheti.