Former NBA player Grant Hill has joined an ownership group to purchase MLB’s Baltimore Orioles for $1.7 billion. This new acquisition adds to his impressive diverse investments in sports team. Grant joins fellow NBA associates Magic Johnson, LeBron James and Giannis Antetokounmpo in owning an MLB team.
The ownership group is led by billionaires David Rubenstein, co-founder of the Carlyle Group and Mike Arougheti. It also includes baseball Hall of Famer and former Orioles player Cal Ripken Jr., former New York City mayor Michael Bloomberg, former Baltimore mayor Kurt Schmoke, and entrepreneur Michele Kang. The sale is subject to a full vote of Major League Baseball ownership and has to receive 75 percent approval.
The transaction has already been approved by majority owners, the Angelos family who bought the team in 1993. Although they have agreed to sell their controlling stake in the team for $1.7 billion, the new ownership will initially control only 40 percent of the club. 94 year old Club Chairman John Angelos will stay on as a senior adviser and maintain a stake in the club after its sale. However, upon his death, the ownership group will completely own 100% of the club.
Grant has invested in a team on the rise. The Orioles won the American League East last season, with their 101 wins being best in the AL and second-best in all of baseball in 2023. It was their best record since 1979 and set them on the path to fulfilling their World Series ambitions. The Orioles’ valuation has nearly tripled within a decade, making them the 18th most valuable franchise in baseball at $1.7 billion.
Grant has previously reaped tremendously from his sports investments. He is a co-owner of the Atlanta Hawks franchise in the NBA that was purchased for $850 million in 2015. The Atlanta Hawks’ valuation hit $1.6 billion in 2022 and reached $3.3 billion a year later according to Forbes.
Alongside his wife, Grant recently acquired a stake in two Orlando based sports teams. He is currently an owner of the Major League Soccer (MLS) team Orlando City Soccer Club and the National Women’s Soccer League (NWSL) team Orlando Pride. Grant has also invested in a $5 billion real estate project to create a mixed-used development in Atlanta.