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John Angelos has agreed to sell the Baltimore Orioles to a group led by Carlyle Group Inc. co-founder David Rubenstein, according to multiple reports on Tuesday.

The transaction reportedly values the Orioles at $1.725 billion.

Rubenstein, a Baltimore native, reportedly will take over as the team’s controlling owner. He has assembled an investment team that includes Ares co-founder Michael Arougheti.

Major League Baseball still must approve the sale. Owners are scheduled to meet next week in Orlando, Florida. News of the deal was first reported by Puck.

A sale must be approved in a vote of at least 75% by the 30 major league teams. The sales approval process typically lasts several months.

The Angelos family has been in control of the Orioles since 1993, when Peter Angelos purchased the team for $173 million. Angelos’ son John has been the team’s chair and managing partner since 2020, as Peter suffers from dementia.

The Orioles recently finalized a deal with the Maryland Stadium Authority to remain at Camden Yards for the next 15 years, with a path to expand the commitment to 30 years.

Rubenstein previously had shown interest in buying the Washington Nationals.

Prior to forming Carlyle in 1987, Rubenstein practiced law in Washington. From 1977 to 1981, he was a deputy assistant for domestic policy to President Jimmy Carter. After graduating from Duke in 1970, he attended the University of Chicago Law School.

The Orioles are coming off a 101-win season and their first American League East title since 2014. With young stars Adley Rutschman and Gunnar Henderson and another top prospect on the way in Jackson Holliday, the future looks as bright as it has in a while for a team that hasn’t won a World Series since 1983.

One sore spot with fans is the club’s payroll, which has remained low, and it’s been another quiet offseason for the team so far. If the new ownership group is able to keep Baltimore’s young core together, the Orioles could have a lengthy window of contention.

When Peter Angelos first took control of the Orioles, they had recently started playing at Camden Yards, the downtown venue that revolutionized the way baseball parks were built. The Orioles spent aggressively, at least for a little while, and won the division in 1997 with future Hall of Famers Cal Ripken, Roberto Alomar, Mike Mussina and Harold Baines.

After that, Baltimore didn’t make the postseason again until 2012, when the Orioles began a renaissance under manager Buck Showalter. They eventually had to rebuild again, losing at least 108 games in 2018, 2019 and 2021 — a streak interrupted only by the pandemic-shortened 2020 season.

Even as the team posted the best record in the AL last year, there were ominous signs on potential team spending, such as a New York Times piece in which Angelos was quoted as saying: “When people talk about giving this player $200 million, that player $150 million, we would be so financially underwater that you’d have to raise the prices massively.”

Information from The Associated Press and Field Level Media was used in this report.

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Keys to offseason: What’s next for Caps after being swept by Rangers

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Keys to offseason: What's next for Caps after being swept by Rangers

The 2023-24 NHL regular season was an entertaining one, with races for playoff position, point and goal leaders, and major trophies all coming down to the bitter end.

But not every fan base got to enjoy all of it so much.

With eliminations piling up, it’s time to look ahead to the offseason. Clubs that didn’t quite hit the mark this season will use the draft, free agency and trades in an effort to be more competitive in 2024-25.

Read on for a look at what went wrong for each eliminated team, along with a breakdown of its biggest keys this offseason and realistic expectations for next season. Note that more teams will be added to this story as they are eliminated.

Note: Profiles for the Atlantic and Metro teams were written by Kristen Shilton, while Ryan S. Clark analyzed the Central and Pacific teams. Stats are collected from sites such as Natural Stat Trick, Hockey Reference and Evolving Hockey. Projected cap space per Cap Friendly. Dates listed with each team are when the entry was published.

Jump to a team:
ANA | ARI | BUF | CGY
CHI | CBJ | DET | MIN
MTL | NJ | OTT | PHI
PIT | SJ | SEA
STL | WSH

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Ovechkin shoulders the ‘blame’ for Capitals’ ouster

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Ovechkin shoulders the 'blame' for Capitals' ouster

Washington Capitals captain Alex Ovechkin took the blame for his team’s opening round sweep at the hands of the New York Rangers, the first time the star winger ever went scoreless in a playoff series.

“It’s always tough to lose a series. We had pretty good chances. We just didn’t score. Our line didn’t score lots of goals,” he said after a 4-2 Rangers win on Sunday night in Washington, D.C. “Blame me. I didn’t play well.”

Ovechkin, 38, played 15:26 in Game 4, his sixth-smallest amount of ice time in a playoff game. That included just 3:22 in the first period — 16 seconds less than New York Rangers rookie Matt Rempe.

Ovechkin said after Game 4 that he was healthy in the series.

The sweep marked the first time in Ovechkin’s 15 trips to the Stanley Cup playoffs that he was held without a point in a series. His five shots on goal were also a career postseason low: While Ovechkin was tied for 19th in the regular season in shots on goal (272), he failed to register a shot in Games 1 and 4 against the Rangers.

It was a rough series for Ovechkin beyond the score traditional score sheet. Washington coach Spencer Carbery said that his captain was “struggling” after their Game 2 loss to the Rangers, which included a critical Ovechkin turnover on a power play that led to a shorthanded goal that gave New York a 4-2 lead late in the second period.

Carbery hoped that home ice advantage in Games 3 and 4 might offer Ovechkin friendlier matchups, but the winger couldn’t get his offense going.

One major issue was the Capitals’ power play, which was humbled by the Rangers’ penalty kill. Washington went 0-for-8 at home in Games 3 and 4, going 2-for-17 in the series.

Ovechkin is tied for eighth all-time in postseason power-play goals (28 in 151 games).

“The power play is such a big part of it, when it’s struggling and he’s not getting opportunities,” Carbery said. “They checked him so tightly over there that every time he gets the puck, he has a half second to make a play and there’s usually a stick and some shin pads on it. I think that played a major role for him in this series.”

But the bigger issues, according to the Capitals coach, was how much energy Ovechkin had to expend just to get the team into the postseason in the final wild-card spot. Ovechkin scored 13 goals in his last 17 games of the season.

“I think that this year, leaning on him down the stretch the second half of the year, he did an incredible job finding his game,” Carbery said. “We were so scoring challenged all season long. In the second half [after the trade deadline] it was even more of a challenge. That was a lot, the second half of the year. Especially the last two weeks where every game felt like life and death for our team. I felt like that took a lot out of him physically and mentally heading into the playoffs.”

Next season will be Ovechkin’s 20th in the NHL. He’s 41 goals away from equaling Wayne Gretzky’s NHL career record total.

Throughout his record chase, Ovechkin has been adamant that he wants to play for a Capitals team that contends for the postseason and not just one trying to service his pursuit of history.

When asked if he’s worried this might be his last trip to the playoffs, Ovechkin said, “I hope I’m still going to get a couple more chances.”

The Rangers, winners of the Presidents’ Trophy for the league’s best record, advance to the second round to face the winner of the Carolina Hurricanes vs. the New York Islanders, which Carolina leads 3-1.

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Rangers polish off Caps for first sweep since ’07

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Rangers polish off Caps for first sweep since '07

WASHINGTON — Artemi Panarin scored the go-ahead goal on the power play early in the third period, Igor Shesterkin made 23 saves and the New York Rangers advanced to the second round of the playoffs by finishing off a sweep of the Washington Capitals with a 4-2 victory in Game 4 on Sunday night.

Trade deadline pickup Jack Roslovic sealed it with an empty-netter with 51 seconds left, and the Rangers next will face either the Carolina Hurricanes or crosstown rival New York Islanders with a spot in the Eastern Conference finals at stake. Carolina leads that series 3-1.

They’ll get the benefit of some extra rest thanks to Panarin’s goal with 16:39 left in regulation, 11 seconds after T.J. Oshie was penalized for high-sticking Vincent Trocheck, which helped them avoid overtime or this series returning to Madison Square Garden for a Game 5 on Wednesday. The Presidents’ Trophy winners for having the best regular season in the NHL needed just four to vanquish the Capitals and become the first team to advance this spring.

It was New York’s first sweep since 2007, when they ousted the Atlanta Thrashers in the firstg round.

New York moves on thanks to another dominant performance from Trocheck, who was the best player on the ice all series. Trocheck long before drawing the crucial penalty scored on the power play and broke up a scoring chance by Alex Ovechkin, who was held off the scoresheet entirely through four games — the first time that has happened in a single postseason in the Capitals captain’s 15 trips.

But he was not Washington’s only problem, and part of the lack of offense was Shesterkin, who several times sparked chants of “Igor! Igor!” from the many Rangers fans in attendance. He turned aside Dylan Strome 14 seconds after Kaapo Kakko scored in the first minute to put them ahead and later made back-to-back saves on Tom Wilson’s point-blank chances on the doorstep.

Trocheck, Shesterkin and MVP candidate Panarin leading a victory is nothing new, but Kakko contributing made him the 11th New York player to score a goal in the series. That came after Nick Jensen turned the puck over on his first shift back from a two-week injury absence, and Kakko beat Charlie Lindgren for a goal that could boost his confidence after a rough regular season.

Lindgren, who has not lacked self-belief, couldn’t again play the hero despite stopping 19 of the 22 shots he faced. Youngsters Martin Fehervary and Hendrix Lapierre scored for Washington, a significant underdog now able to take solace in making the playoffs as a building block for the future.

Information from The Associated Press was used in this report.

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