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The partnership led by David Rubenstein "will own about 97% of the Orioles when it completes the sale’s second phase" in a transaction that "could occur as soon as the end of May." Rubenstein noted his group "originally structured the deal so that we would own about 40%," but the death of former owner Peter Angelos in March "accelerated when the partnership would obtain the balance" (Angelos owned roughly 70% of the team at the time of his death). The other 30% is "held by minority investors," including the estate of the late novelist Tom Clancy and retired tennis star Pam Shriver. The minority investors contractually had "tag-along rights," meaning they "could essentially join in the sale." While Rubenstein "declined to discuss those investors' individual decisions," it’s "clear that most sold all or most of their stakes because otherwise there wouldn’t be 97% available to Rubenstein’s group." Rubenstein also said he "will be hiring an executive to oversee the team’s business operations" (BALTIMORE SUN, 5/17).
