The Angelos family on Wednesday confirmed the sale of a controlling stake of the Orioles to a group headed by Carlyle Group Co-Founder and Co-Chairman David Rubenstein. The sale price is $1.725 billion.

According to the Orioles’ statement, the Angelos family “will continue to hold a sizable investment in the Orioles and John Angelos will serve as a senior adviser to the organization.”

The sale is subject to approval by Major League Baseball’s Ownership Committee and a full vote by MLB owners.

Rubenstein, 74 and a Baltimore native, will become controlling owner of the Orioles after the deal is closed.

Rubenstein is joined by Michael Arougheti, Co-Founder and Chief Executive Officer by Ares Management; Mitchell Goldstein and Michael Smith, co-heads of the Ares Credit Group; Orioles legend Cal Ripken Jr.; former Baltimore Mayor Kurt Schmoke; former New York Mayor Michael Bloomberg; former NBA star Grant Hill; and Michele Kang, owner of the Washington Spirit.

“I am grateful to the Angelos family for the opportunity to join the team I have been a fan of my entire life. I look forward to working with all the Orioles owners, players and staff to build upon the incredible success the team has achieved in recent seasons. Our collective goal will be to bring a World Series trophy back to the City of Baltimore. To the fans I say: we do it for you and can’t do it without you. Thank you for your support,” Rubenstein said in a statement.

“Importantly, the impact of the Orioles extends far beyond the baseball diamond. The opportunity for the team to catalyze development around Camden Yards and in downtown Baltimore will provide generations of fans with lifelong memories and create additional economic opportunities for our community.”

John Angelos said in a statement: “When I took on the role of Chair and CEO of the Orioles, we had the objective of restoring the franchise to elite status in major league sports, keeping the team in Baltimore for years to come, and revitalizing our partnership group. This relationship with David Rubenstein and his partners validates that we have not only met but exceeded our goals.

“I am personally committed to helping David and his partners take the franchise to the next level,” Angelos said. “We think this transaction is great for Major League Baseball and great for the City of Baltimore and Maryland. We are thankful to the fans and supporters cheering on the O’s as we reached this important goal – and who will be with us celebrating more success to come.”

Ripken said in a statement: “I am excited to once again be a part of the Orioles’ organization, and I thank David for including me in the ownership group. The Orioles have been part of my life since I was a child, and this is a special day. I look forward to this opportunity and will do whatever I can to help the organization. Let’s go O’s.”