MLB approves sale of Orioles for $1.725 billion. GETTY IMAGES

Major League Baseball (MLB) team owners unanimously approved the sale of the Baltimore Orioles to a group led by a private equity investor the day before the start of the season.

The sale of MLB's Baltimore Orioles to an investment group has been completed on the eve of the start of the new season. The deal, reportedly worth $1.725 billion, transfers ownership from the family of the late Peter Angelos to Rubenstein, 74, co-founder of private equity firm The Carlyle Group. 

The unanimous approval by MLB owners was the final step in a transfer process that began when an agreement was reached in January that included the Orioles' participation in the Mid-Atlantic Sports Network (MASN), which owns the television rights to the Orioles and the neighbouring Washington Nationals.

An ownership committee voted to approve the deal earlier this month. "I congratulate David Rubenstein on being approved by Major League Baseball clubs as the new owner of the Orioles," said MLB Commissioner Rob Manfred after the move was confirmed.

"As a Baltimore native and lifelong fan of the team, David is uniquely qualified to lead the Orioles into the future. We welcome David and his partners as the new stewards of the franchise," he added.

Rubenstein's group includes baseball Hall of Famer and Orioles legend Cal Ripken Jr, entrepreneur Mike Bloomberg and basketball Hall of Famer Grant Hill, who also co-owns the NBA's Atlanta Hawks and MLS's Orlando City. 

Former owner Angelos, who bought the Orioles for $173 million more than 30 years ago in 1993, died last Saturday at the age of 94. The Orioles failed to win a World Series during the previous owner's tenure and their last title came in 1983, when Ripken was named American League Most Valuable Player.

The last few years haven't been good. They haven't won a playoff series since 2014 and haven't made the playoffs since 2016 until last year, when Baltimore was eliminated by eventual champion Texas in the best-of-five American League Division Series.

"Owning the Orioles is a great civic duty," Rubenstein said. "On behalf of my fellow owners, I want the Baltimore community and Orioles fans everywhere to know that we will work hard to provide them with professionalism, integrity, excellence and a fierce desire to win games." The Orioles will open the season by hosting the Los Angeles Angels at Camden Yards.