Months of whispers, hints, and speculation culminated today in a reality that still feels surreal. The Baltimore Orioles are no longer owned by the Angelos family. Having owned the team since 1993, Peter Angelos became an iconic figure for the O’s fanbase. But unfortunately, age caught up to him, signaling the start of a gold rush which has finally given its result. Carlyle Group co-founder David Rubenstein is now the co-owner of the Orioles. But who is David Rubenstein? And how will he help the O’s in taking the next steps?

This isn’t the first time Rubenstein has tried to buy an MLB franchise, he has tried it before but only this time he has been successful. With the new owner waiting to take over soon – here’s everything one needs to know about David Rubenstein – Businessman, Philanthropist, and a fan trying to capture his lifelong fandom.

Who is David Rubenstein?

Few people have the kind of value that the name David Rubenstein has in the financial markets. The Co-Founder of the Carlyle Group and the President of the Alfalfa Club, Rubenstein, is a man who has worn many hats during his life. He’s perhaps one of the biggest investors in the United States currently with over $350 billion in assets under the management of his company “The Carlyle Group”. 

Started as a lawyer and then a government official, Rubenstein was quick to recognize the potential of asset management. It’s this foresightedness that has always ensured success for the future O’s owner. Despite being 74 years old, Rubenstein remains active in his businesses and has consistently shown immense drive to succeed – something that can make the Orioles fans have a sigh of relief.

While professionally he has excelled, Rubenstein is also an avid preserver of history. He reportedly bought the last copy of the Magna Carta for $21.3 million and lent it to the National Archives in Washington, DC. Then donated $13.5 million to the National Archives for a new gallery. Apart from this, he has bought stone copies of the Declaration of Independence, Emancipation Proclamation, and 13th Amendment, among other things, to preserve them. Certainly, these must have cost a tonne. Luckily, Rubenstein happens to be a multi-billionaire. 

What is his net worth? A look into his profession as a billionaire investor

Lifelong successes and hard work have given Rubenstein a sky-high windfall. According to Forbes, as of Feb 1, Rubenstein is worth around $3.7 billion. Once his wealth exceeded the $4 billion mark, but has since remained consistent in this range. The story of how Rubenstein became an investor is a fascinating tale of a desperate leap of faith.

While Rubenstein was a lawyer, he had a feeling that he wasn’t good enough at his job. This stemmed from the fact that neither his partners nor clients were ever afraid of losing him. So he decided to become a government official and then joined the Presidential campaign of Jimmy Carter. For the next four years, he remained a deputy assistant to the president until Carter lost his re-election. Now freshly out of a job and options, Rubenstein returned to the law after six months of unemployment but left it soon. 

It was then that Rubenstein heard about a leveraged buyout. Initially trying to recruit other professionals, eventually, Rubenstein started the company with two other partners and named it Carlyle Group. Gradually things stepped up, partially because he was one of the first ones to open a firm in Washington, DC. Gradually things sped up and now Carlyle has raised billions of dollars from the US and other countries for more than 100 funds. But what makes Rubenstein’s life so fascinating is the relatively humble beginning that he experienced. 

An insight into Rubenstein’s early life and education

Born in 1949, Rubenstein was the only child. His family had immigrated from Ukraine and wasn’t the most prosperous kind – they lived in a small, low-income community in Baltimore. His father was a postman who never earned more than $7000 a year, while his mother was a homemaker.

Ever since Rubenstein was 12, he wanted to serve in public office, partly because President John F. Kennedy inspired him. However, due to the low income of his family, Rubenstein’s education was heavily dependent on scholarships and loans. He studied Political Science at Duke but had to do quite a few part-time jobs to make ends meet. 

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But during all of that journey, he never gave up and eventually secured a full scholarship at the University of Chicago Law School to study law. From another lens, Rubenstein also excelled in his private life. A father of three, there’s much to know about the family life of Rubenstein. 

How long has David Rubenstein been married? His relationship, marriage, and parenthood timeline 

While working in the Carter administration, David Rubenstein first saw Alice Rogoff. He never guessed that he was looking at his future wife. On May 21, 1983, the two officially tied the knot. From then on, they welcomed three kids – Alexandra, Gabrielle, and Andrew. While Rubenstein was busy in his business, Rogoff too continued working as a news executive and at one point owned the Alaska Dispatch News. Their happily ever after wasn’t without its hurdles.

Ever since 2005 – the couple lived separately. While Rogoff spent most of her time in Alaska, Rubenstein lived in Washington, DC. Though they appeared together in many charity events, there was clear trouble in paradise. Eventually, things became too hard to handle and the couple officially filed for divorce. On December 8, 2017, the divorce became official. 

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Fast forward to 6 years later. Since Rubenstein has officially purchased the Baltimore Orioles for $1.725 billion, what can the fans expect from the billionaire?

Entry into the sports world: David Rubenstein’s promise as a Baltimore Orioles owner

The intention to buy a baseball team has been ever-present in Rubenstein. He was reportedly interested in the Washington Nationals once. He played Little League baseball in Baltimore and hoped to find a way to own his hometown team. Ever since then, Rubenstein has been pushing for a move, and only now have the Angelos budged. 

In his first statement after the purchase, Rubenstein declared, “Our collective goal will be to bring a World Series Trophy back to the City of Baltimore.” At the same time, Rubenstein highlighted the impact of the Orioles and the unique opportunity they have of developing the Camden Yards and Downtown Baltimore to provide fans with more economic opportunities.

What can one expect from Rubenstein? That was answered by Carlyle Group’s senior advisor, Edward Mathias, during an interview with the Baltimore Sun. “He’ll have a strategy, which is one of his strong points. He’ll be deeply engaged. But I wouldn’t expect to see him showing up with the lineup cards.” 

So with a brand new era dawning on the Baltimore Orioles, hopefully, this one brings an end to their 40-year wait for a World Series. 

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