David Rubenstein: Why Owners Care About Winning, Not Money

David Rubenstein, co-founder of The Carlyle Group and owner of the Baltimore Orioles, explains why sports ownership is a completely different game from traditional business. He argues that owners obsess over winning more than maximizing profit, yet spending more doesn't guarantee success—the Orioles doubled payroll without a proportional improvement on the field. The conversation explores negotiation tactics (including a near-walkaway from the deal), admitting limitations and hiring people smarter than you, and the surprising emotional bond between a team and its city that Rubenstein never encountered in private equity.