Major League Baseball unanimously approved the sale of the Baltimore Orioles to a group led by billionaire David Rubenstein on Wednesday.

The Rubenstein-led group purchased the team from the Angelos family for around $1.725 billion. Baseball Hall of Famer Cal Ripken Jr., former New York City Mayor Michael Bloomberg and Basketball Hall of Famer Grant Hill are all among the investors.

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"I congratulate David Rubenstein on receiving approval from the Major League clubs as the new control person of the Orioles," MLB Commissioner Rob Manfred said in a statement. 

"As a Baltimore native and a lifelong fan of the team, David is uniquely suited to lead the Orioles moving forward. We welcome David and his partners as the new stewards of the franchise."

John Angelos took over control of the team in 2020 as his father Peter Angelos was in poor health. Peter Angelos died Saturday at the age of 94.

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Peter Angelos bought the team in 1993 for $173 million.

"On behalf of Major League Baseball, I thank the Angelos family for their many years of service to the game and the communities of Baltimore," Manfred said. "Peter Angelos loved baseball, loved Baltimore and was an important part of MLB for more than three decades."

The sale to Rubenstein’s group comes as the Orioles are on the upswing on the field.

Baltimore invested in a swath of prospects who are set to hit their stride in 2024. The Orioles won 52 games in 2021 before winning 83 in 2022.

Last season, the Orioles won the American League East with a record of 101-61. It was the first time the team had broken the 100-win plateau since 1980. They were bounced out of the playoffs by the eventual World Series-winning Texas Rangers.

Reuters contributed to this report.