David Rubenstein: Philanthropy and Ownership of Baltimore Orioles

David Rubenstein aims to revitalize the Baltimore Orioles and the city through community engagement and ownership.

### David Rubenstein: From Private Equity to Baltimore Orioles Owner
* 🏙 David Rubenstein, co-chairman of The Carlyle Group, has transitioned from building a private equity giant to **owning the Baltimore Orioles**, a franchise with **deep roots in his hometown**.
* ⚾ He considers this ownership a **unique blend of investment and philanthropy**, emphasizing the importance of **community building** in sports ownership.
* 💰 The Orioles' ownership history is complex, having been passed through several owners since its purchase for **$2 million in 1954**, with Rubenstein acquiring a **controlling interest** after a lengthy negotiation process.
* 🤝 Teaming up with fellow investor Mike Arougheti, Rubenstein aimed to **bring energy back to the team**, which has struggled for decades and has **not reached the World Series in 40 years**.
* 🌆 He acknowledges Baltimore's challenges, including **population decline and urban issues**, and aims to revitalize the city through the team's **success and community engagement**.
* 👥 Rubenstein has assembled a diverse group of investors, including former Baltimore Mayor **Kurt Schmoke** and baseball legend **Cal Ripken**, to reinforce the **local connection to the team**.
* 📈 Despite his lack of extensive baseball knowledge, Rubenstein is committed to **supporting the team's management** and **fostering a strong community presence** through ownership.
* 🏆 He believes that owning a sports team is not just about profits but also about **enhancing the pride and spirit of the community**, emphasizing the **emotional connection fans have with their teams**.

### The Evolution of Notoriety and Philanthropy in Private Equity and Sports
* 📺 David Rubenstein shares how his notoriety has **significantly increased** since hosting a Bloomberg TV show, allowing him to **connect with fans globally**.
* 🏆 He reflects on the unique recognition that comes from owning a sports team, noting that people prefer **discussing the team** rather than his private equity achievements.
* 🌍 Rubenstein emphasizes the evolving landscape of sports ownership, where owners often **sell teams for substantial profits**, contrasting with the past when such transitions were **rare**.
* 💼 He attributes his success in capital raising to a niche strategy of **understanding government-influenced companies** and creating a **multi-discipline private equity firm**.
* 📈 Rubenstein stresses the importance of listening to potential investors and following up promptly, as he learned that "**goodwill lasts about two and a half weeks**."
* 🤝 He highlights his philanthropic approach, focusing on **starting and finishing projects** while being **actively involved and seeking progress within his lifetime**.
* ⚾ As a new baseball team owner, he recognizes the challenges of **engaging a younger fan base** and the need to **adapt to the changing sports landscape**.
* 💡 Lastly, he shares insights on hiring talent, emphasizing the **importance of cooperation, ethics, and the ability to connect with others** in building successful teams.

Why Wall Street Giant David Rubenstein Bought the Baltimore Orioles

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David Rubenstein's Journey to Owning the Baltimore Orioles

David Rubenstein, co-chairman of The Carlyle Group, is the new owner of the Baltimore Orioles, a team with a rich history.

His journey to ownership involved a complex process, including a failed partnership and a last-minute negotiation with John Angelos.

Rubenstein's investment in the Orioles is unique, combining both business and philanthropic goals, and he aims to make a positive impact on the Baltimore community through his ownership.

David Rubenstein's Transition to Sports Team Ownership

David Rubenstein, co-founder of Carlyle, transitioned to sports team ownership after stepping down as co-CEO.

His decision was driven by a desire to give back to Baltimore, where he grew up, and to infuse energy into the struggling Orioles team.

Rubenstein's experience with peers in private equity successfully balancing sports team ownership and investments influenced his decision to enter the sports world.

Building a Baltimore-Related Ownership Group for the Orioles

The owner focused on bringing in people with ties to Baltimore, including former Mayor Kurt Schmoke and baseball legend Cal Ripken.

Wealthy Baltimoreans, as well as those with a long-standing obsession with the Orioles, also joined the investment effort.

The owner aims to revitalize Baltimore by infusing the team with energy and encouraging corporate headquarters to return to the city.

The Owner's Perspective on Team Ownership

The owner prefers to be informed rather than dictating decisions, offering help through connections and sponsorships.

Owning a sports team has led to increased respect and engagement from others, providing a pleasurable experience and a sense of community impact.

The owner is learning about baseball and its statistics, while also recognizing the significance of large contracts and their potential risks.

The Impact of Sports Teams on Community and Identity

Sports teams, like the Orioles in Baltimore, play a crucial role in the city's culture and community pride.

The departure of the Colts impacted Baltimore's fabric, but the Ravens and Orioles have since provided a sense of belonging and pride for residents.

Owning a sports team has given David Rubenstein a new level of recognition and connection with people, highlighting the team's significance in fostering community and personal relationships.

The Changing Landscape of Sports Team Ownership

Sports team ownership is now a temporary role, with owners frequently changing and profiting from their investments.

The business of sports has evolved globally, with increased female representation and diverse ownership.

The speaker's success in capital raising and global expansion for a private equity firm was driven by a unique niche, multi-discipline approach, and persistent fundraising efforts.

The Unique Journey of a Fundraiser in Private Equity

The speaker carved a niche for himself as a full-time fundraiser in the private equity world, a role that was not commonly pursued by founders.

His success in raising capital was driven by a combination of deal flow, returns, and building genuine connections with investors.

The speaker emphasized the importance of listening, following up, and not taking rejections personally, as well as the unpredictability of where valuable connections might lead.

The Philanthropic Journey and Career Evolution

The speaker has a unique approach to philanthropy, focusing on starting and finishing projects, being intellectually involved, and seeking progress within their lifetime.

They have chaired numerous major cultural organizations and university boards, finding fulfillment in giving back and learning from the experience.

The transition to interviewing public figures happened by chance, leading to the creation of a successful show that keeps the speaker intellectually challenged and engaged.

The Challenges and Opportunities of Owning a Baseball Team

Owning a baseball team involves managing a relatively small business with a significant public spotlight and fanatical local support.

The sport has seen a decline in African American players and fans, leading to efforts in youth leagues and international training facilities to engage more young people.

To grow the business, the team owner aims to attract a younger fan base, expand the game's global presence, and increase its television audience through streaming and other devices.

The ideal hire is intelligent, hardworking, ethical, and able to cooperate and get along with others.

Notable successful hires include Jay Powell and Glenn Youngkin.

The best financial deals in sports include the LA Dodgers' purchase and George Steinbrenner's acquisition of the New York Yankees.