Orioles owner Rubenstein says MLB teams make money

Baltimore Orioles owner David Rubenstein said Thursday that Major League Baseball owners are making more money than he made in private equity, a remark that landed weeks before the sport’s collective bargaining agreement expires and a lockout is widely expected.

Rubenstein made the comments at a forum with professional sports owners at the Economic Club of Washington, CBS Sports reported. The Baltimore Baseball website, in a piece by Rich Dubroff, also carried his remarks.

“A lot of my friends were buying teams, and I realized they’re making money,” Rubenstein said. “They’re making more money than I’m making in private equity.”

Rubenstein, the co-founder of the Carlyle Group, bought the Orioles in March 2024. He said he approached the purchase as a financial decision at first but ultimately bought the club for what he called a philanthropic purpose. “I bought the Orioles for a philanthropic purpose,” he said.

He also said owners care more about winning than making money, though they are not against making it. Rubenstein told the forum that many people want to be owners but do not realize how hard the job is, and that there is nothing as satisfying as winning a championship.

The timing matters because the current collective bargaining agreement expires at 11:59 p.m. ET on Dec. 1, CBS Sports reported. Owners are expected to lock out players when it ends, and CBS said a lockout looks more likely than a new deal. It would be the second MLB lockout in five years. The two sides have publicly traded proposals in recent weeks.

Yahoo Sports noted that Rubenstein has called publicly for a salary cap on several occasions. Owners are expected to argue that the league’s finances are unsustainable without one and that smaller markets such as Baltimore cannot compete with the Los Angeles Dodgers. Yahoo said his comments about owners’ profits undercut that argument.

Baltimore won 101 games in 2023, 91 in 2024, 75 in 2025 and 79 in 2026, according to CBS Sports. The Orioles missed the playoffs again this season.

The postseason, meanwhile, has been led by teams with modest payrolls. The Milwaukee Brewers swept the Dodgers in the National League Championship Series, and they will face the winner of the American League series between Cleveland and Tampa Bay. The Guardians led the Rays 2-1 after Game 3. CBS Sports said all three clubs rank in the bottom 12 in payroll, according to FanGraphs.

Game 4 of the American League Championship Series is scheduled for Saturday night in Cleveland, with Game 5 on Sunday. The World Series is set to open Friday, Oct. 23, in Milwaukee.

Via CBS Sports and Yahoo Sports.

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