WASHINGTON (AFP) -- David Rubenstein said on Wednesday, Jan. 31, his proposed $1.725 billion purchase of the Baltimore Orioles is aimed at bringing "a World Series trophy back to the city of Baltimore".

The private equity billionaire, co-chairman of the global investment firm The Carlyle Group, is hoping fellow investor Cal Ripken Jr -- an Orioles legend -- can help make that happen.

The Major League Baseball club announced that the Angelos family had reached a deal to sell a controling stake in the club to a Rubenstein-led group, with John Angelos to serve as a senior advisor to the organization.

The deal is subject to review and approval by MLB's ownership committee and a full vote of MLB owners.

"I look forward to working with all the Orioles owners, players and staff to build upon the incredible success the team has achieved in recent seasons," Rubenstein said in a news release.

"Our collective goal will be to bring a World Series trophy back to the city of Baltimore. To the fans I say: 'We do it for you and can't do it without you. Thank you for your support.'"

Rubenstein's statement revealed other members of the investment group, including Ripken, NBA Hall of Famer Grant Hill and former New York City major Michael Bloomberg.

"I am excited to once again be a part of the Orioles organization and I thank David for including me in the ownership group," Ripken, a two-time American League Most Valuable Player who played all of his 21 MLB seasons in Baltimore, said in a statement.

"The Orioles have been a part of my life since I was a child, and this is a special day," Ripken said. "I look forward to this opportunity and will do whatever I can to help the organization. Let’s go O's."

Ripken set an MLB record by playing in 2,632 games and was elected to the Baseball Hall of Fame in 2007.

The Angelos family took over the Orioles in 1993, when patriarch Peter Angelos purchased the club for $173 million.

His son John is the team's current chairman. The club 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.