Group led by Baltimore native David Rubenstein set to take control of the Orioles

David Rubenstein, a Baltimore native and one of the founders of the private equity firm the Carlyle Group, is on the verge of acquiring control of the local sports franchise he has long pursued. The prominent Washington philanthropist and a cohort of investors have an agreement in place to buy a 40 percent stake in the Orioles, according to three people familiar with the situation, all of whom spoke on the condition of anonymity to address a deal that still needs Major League Baseball’s approval. The deal values the team...