MLB owners unanimously approved the sale of the Baltimore Orioles to a group led by businessman David Rubenstein on Wednesday.

Chelsea Janes of the Washington Post relayed Major League Baseball's press release on the sale. It was noted that the vote took place on a conference call, and Rubenstein's purchase is expected to be finalized later in the day Wednesday:

Rubenstein is buying the Orioles from the Angelos family. Peter Angelos, who bought the Orioles in 1993 and served as principal owner for the next three decades, died last week at the age of 94.

The 74-year-old Rubenstein posted a video on X following MLB's announcement in which he expressed excitement to be the Orioles' new owner after growing up in Baltimore and being a longtime Orioles fan:

Per ESPN's Jeff Passan, Rubenstein is buying the O's at a valuation of $1.725 billion, which is the third-largest sale in MLB history behind the New York Mets in 2020 and Los Angeles Dodgers in 2012.

Angelos and his group originally purchased the Orioles for just $173 million in 1993.

Passan noted that MLB accelerated the sale process, as Rubenstein is set to become the official owner less than two months after agreeing to buy the team.

Rubenstein and his group will own 40 percent of the franchise at first, but a plan is in place for them to buy another 30 percent of the Orioles from the Angelos family in the future.

Notable members of Rubenstein's ownership group include Orioles legend Cal Ripken Jr., Basketball Hall of Famer Grant Hill, former Baltimore mayor Kurt Schmoke and former New York City Mayor Michael Bloomberg.

Rubenstein is taking over a franchise with a rich history, as the Orioles are three-time World Series champions, although they haven't won since 1983.

From 2017 to 2022, the O's missed the playoffs in six straight seasons and were among the worst teams in baseball during that time, but they took a huge step forward last season.

The Orioles posted the best record in the American League at 101-61 and won their first American League East title since 2014.

Baltimore is arguably the team to beat in the AL in 2024 with a core that includes Adley Rutschman, Gunnar Henderson and Corbin Burnes, but they are also built to contend for many years to come.

With No. 1 prospect Jackson Holliday and a host of other young, talented players on the way, Rubenstein figures to preside over a highly successful time in Orioles history.