In a candid interview with Baltimore Baseball, David Rubenstein, owner of the Baltimore Orioles, disclosed a truth that might not sit well with fellow MLB owners: they are making substantial profits. This revelation comes just weeks before the league anticipates a lockout as the collective bargaining agreement is set to expire at 11:59 p.m. ET on December 1.

Rubenstein shared, "A lot of my friends were buying teams, and I realized they're making money. They're making more money than I'm making in private equity." He emphasized that while he bought the Orioles for philanthropic reasons—aiming to revitalize both the team and the city of Baltimore—he acknowledged the financial success of team ownership.

He noted, "Owners care more about winning than making money (but they're) not against making money," reflecting a shift in the narrative from MLB owners, who previously claimed that team ownership was not profitable. Recently, the rhetoric has changed to advocate for a salary cap, framing it as a necessity for competitive balance.

As the Milwaukee Brewers swept the Los Angeles Dodgers in the NLCS, the upcoming World Series is poised for a small-market showdown, with the Cleveland Guardians or Tampa Bay Rays also in contention. This scenario may challenge MLB's messaging, yet the push for a salary cap remains strong among owners.

Rubenstein, who acquired the Orioles in March 2024, reflected on his struggles with the franchise, which won 91 games in 2024 but saw a decline to 75 wins in 2025 and 79 in 2026. The anticipated rebuild has yet to produce the desired results.