The Baltimore Orioles are set to be sold to a group led by private equity billionaires. The sale, which still needs to be approved by at least 75% of major league ownership, is expected to value the team at $1.725 billion. The group includes David Rubenstein, co-founder of the Carlyle Group Inc., and Ares co-founder Michael Arougheti. Additionally, Orioles legend Cal Ripken Jr. is part of the ownership group.

David Rubenstein, who co-founded the Carlyle Group in 1987, would become the team’s controlling owner. The global investment firm has $293 billion worth of assets under management. The change in ownership marks a new era for the Baltimore franchise, which recently picked up its first AL East pennant since 2014 and agreed to a new stadium lease in December. This could mean a spending change for the cash-strapped franchise, which has consistently finished in the bottom five in Opening Day payroll for the last five years.