David Rubenstein took overr the Baltimore Orioles at a particularly optimistic moment for the franchise.

David Rubenstein’s purchase of the Baltimore Orioles has been approved by Major League Baseball owners.

A person with knowledge of the deal says Carlyle Group Inc. co-founder David Rubenstein has reached an agreement to buy the Baltimore Orioles for $1.725 billion.

Orioles CEO John Angelos says the team will remain in Baltimore — and that he and his parents have never contemplated otherwise.