After 2 years as Orioles’ owner, Rubenstein firmly supports Elias

BALTIMORE—Since David Rubenstein and his group assumed ownership of the Orioles two years ago, so much has changed for the franchise.

Fans can see the gigantic scoreboard or hear the new sound system. Some can visit the new Truist club behind home plate or eat in the right-field bar on the club level.

The biggest difference was on display Saturday when the Orioles celebrated an extension for a pitcher, Shane Baz, who won’t pitch in a regular-season game for them until Sunday.

The Orioles did win the American League East with 101 wins in 2023 when John Angelos was owner. They were swept in three games in the Division Series by Texas, but by the time the team played its next regular-season game, the team had changed hands.

In 2025, Mike Elias, the team’s president of baseball operations, completed his first extension, an eight-year, $67 million deal to 21-year-old catcher Samuel Basallo just five days after he made his regular-season debut.

In December, Elias handed out a five-year, $155 million contract to first baseman Pete Alonso. On Friday, Baz signed a five-year, $68 million deal, covering his three years of arbitration eligibility and two years of free agency.

“I want to also point out how possible all these types of investments have been made since David and his group have taken over the franchise,” Elias said at Saturday’s press conference featuring Baz, which was attended by nearly the entire roster.

“We’ve had so much more activity in these areas, whether it’s free agency, extensions for some of our young players, major trades.”

The Orioles also built a $23 million training facility in Sarasota, which enabled simulated games to take place despite rainouts on two consecutive nights.

“Camden Yards, it looks as beautiful as it’s ever looked,” Elias said. “Now we’re bringing in a lot of elite talent to this roster … This is turning into a place that players really want to be, and that’s hugely important for us and we want to keep that going.”

The 76-year-old Rubenstein, the team’s control owner, and Mike Aruogheti, another owner, have been more active and invested in the team than Angelos.

“We want to do everything we can to make Baltimore a place where players want to be and where fans want to come,” Rubenstein said. “We told Mike is that he’s an expert in baseball talent. He’s got a lot more experience than Mike Arrougheti or I do, so we will be willing to back him financially for whatever he thinks makes sense, and so we’ve done that.  I don’t think we’ve turned down any of his requests. We’re open for business, and Mike has a great reputation in knowing how to assess talent.”

Rubenstein said he wants to be supportive.Throughout his two years as owner, he has championed his native Baltimore as a great place to live and work. He was eager to give Elias his approval on the Baz deal.

“When he told me this was possible, we encouraged him to move forward and get it done, and we’re very happy with it,” Rubenstein said. “We hope it’s a sign to people that we’re very serious about making this a long-term proposition for the ownership group and for the team. We wanted to do as much as we can to make this team a championship team and make Baltimore proud of the team we put on the field.”

Orioles manager Craig Albernaz has worked for three organizations known to be progressive — the Tampa Bay Rays, San Francisco Giants and Cleveland Guardians. Though he wasn’t as exposed to the inner workings of those franchises, he appreciates the Rubenstein/Arougheti approach.

“It’s the resources. It’s the ownership group,” Albernaz said. “Every organization is in a different spot as far as financial commitment or ownership structure, whatever it looks like. David and Mike, they’re as transparent as they come from ownership, and you can have real conversations with them.

“Every time I’ve talked to either David or Mike, the second question he always asks after how’s my family doing is, ‘What do we need? What else do we need for the players, the staff? It’s genuine … That’s the most refreshing part. They’re always looking to get us better, whatever that is, whether that be a sauna, a new machine for the batting cage. It’s nothing for them. It’s all about what can help our guys perform their best every night.”

It’s natural to wonder who gets the next extension. Neither the Basallo nor Baz contracts were predicted.

“We’re interested in doing the best we can for the team and whatever Mike thinks is best for the team, that’s what we’re going to do,” Rubenstein said. “Sure we have the resources necessary to do this with others who are interested in this. Sure we’re open for business, but it has to make sense for players. It has to make sense for the team, but we’re certainly all ears.”

Elias has been asked about extensions for the team’s young corps, none of whom has signed on for the long-term.

“We’re always looking for opportunities to line up with guys,” he said. “Hopefully, a deal comes together every once in a while, and this is one of those instances.”

Call for questions: I answer Orioles questions most weekdays. Please send yours to: Rich@BaltimoreBaseball.com