John Angelos has agreed to sell the Baltimore Orioles to a group led by Carlyle Group Inc. co-founder David Rubenstein, according to multiple reports on Tuesday.

The transaction reportedly values the Orioles at $1.725 billion.

Rubenstein, a Baltimore native, reportedly will take over as the team's controlling owner. He has assembled an investment team that includes Ares co-founder Michael Arougheti.

Major League Baseball still must approve the sale. Owners are scheduled to meet next week in Orlando, Florida.