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

The person spoke to The Associated Press on condition of anonymity Tuesday night because the agreement had not been announced. Rubenstein, a Baltimore native, will take over as the team’s controlling owner, and he’s assembled an investment team that includes Ares co-founder Michael Arougheti.

The Angelos family has been in control of the Orioles since 1993, when Peter Angelos purchased the team for $173 million. Angelos’ son John is the team’s current chairman. The team recently reached a deal on a new lease extension at Camden Yards. Maryland officials approved that long-term agreement after months of negotiations.

Orioles legend and Hall of Famer Cal Ripken Jr. is part of the ownership group, per multiple reports.

That deal extended the lease for 30 years, with an option to end it after 15 if the team does not receive approval from state officials for development plans next to the ballpark.

Prior to forming Carlyle in 1987, Rubenstein practiced law in Washington. From 1977-81, he was a deputy assistant for domestic policy to President Jimmy Carter. After graduating from Duke in 1970, he attended University of Chicago Law School.

Reporting by The Associated Press.