John P. Angelos has agreed to sell the Baltimore Orioles to private equity billionaires David Rubinstein and Mike Arougheti in a deal valuing the club at $1.725 billion, according to multiple reports.

Rubinstein is reportedly set to be the control person of the new Orioles' ownership group. He is a Baltimore native and the co-founder and chairman of the private equity firm the Carlyle Group.

Major League Baseball’s other owners will receive the official details of the sale at the annual owners' meeting next week. There reportedly isn’t a timetable for the deal to be completed.

According to one report, the deal will be structured to give the new owners 40 percent of the team, with the sale of the remaining stake to come following the death of patriarch Peter Angelos. Angelos, who purchased the Orioles in 1993 as the leader of a group that paid $40 million, he reportedly been incapacitated for years by an illness.

The Orioles are coming of the franchise’s best regular season in over four decades after winning the American League East with 101 wins before falling to the eventual champion Texas Rangers in the AL Division Series. They still boast the No. 1 prospect in baseball in Jackson Holliday and arguably the strongest farm system.

That success came despite Baltimore having the second-smallest payroll in baseball, and the team only added veteran reliever Craig Kimbrel on a one-year contract in the offseason.