Hogan Lovells guided clients Michael Arougheti, Co-Founder and Chief Executive Officer of Ares Management, and Mitchell Goldstein and Michael Smith, Co-Heads of the Ares Management Credit Group, as part of a transaction purchasing the Major League Baseball (MLB) franchise the Baltimore Orioles.
MLB owners unanimously approved the sale of the Baltimore Orioles to a group led by David Rubenstein, Co-Founder and Co-Chairman of The Carlyle Group, who announced his intent to buy the controlling stake of the Orioles from the Angelos family in January. He leads a diverse investor group, which includes Arougheti as well as Goldstein and Smith (together joint owners of Charm City Sports Partners LLC). Subject to obtaining MLB approval, it’s anticipated the following will become part of the Orioles ownership group: Cal Ripken, Jr., Orioles legend and National Baseball Hall of Famer, Michele Kang, businesswoman and owner of the Washington Spirit, Kurt Schmoke, former Baltimore Mayor, Grant Hill, Naismith Basketball Hall of Famer, Mike Bloomberg, business leader and philanthropist, and more.
Rubenstein takes over control of the Orioles from John Angelos, who became Orioles Chair, CEO, and Control Person in 2019.
The Hogan Lovells team was led by New York Office Managing Partner, Michael Kuh, partners Matthew Schernecke (New York), Adrienne Ellman (Boston/New York), senior associates Zohra Sayedy (New York), Michelle Chang (Denver), and visiting international lawyer Harrison Gower (New York).
