The vote conducted earlier on Wednesday was the final step in a process that began in late January when an agreement was in place for the Angelos family to sell the Orioles to a group led by Rubenstein for $1.725 billion.
Rubenstein's group includes Orioles great and Baseball Hall of Famer Cal Ripken Jr, former New York City Mayor Michael Bloomberg and Basketball Hall of Famer Grant Hill among other investors.
"I congratulate David Rubenstein on receiving approval from the Major League clubs as the new control person of the Orioles," MLB Commissioner Robert Manfred said in a statement.
"As a Baltimore native and a lifelong fan of the team, David is uniquely suited to lead the Orioles moving forward. We welcome David and his partners as the new stewards of the franchise."
John Angelos had officially taken over as MLB's control person of the Orioles in 2020 given the failing health of his father Peter, who died on Saturday at the age of 94. The elder Angelos purchased the Orioles in 1993 for $173 million.
"On behalf of Major League Baseball, I thank the Angelos family for their many years of service to the game and the communities of Baltimore," said Manfred. "Peter Angelos loved baseball, loved Baltimore and was an important part of MLB for more than three decades."
Rubenstein will now oversee an Orioles team that finished first in the American League East division last year before being swept from the AL Division Series by the eventual World Series champion Texas Rangers.
Baltimore will launch their 2024 MLB season on Thursday at home against the Los Angeles Angels.
"I'm breathing again...MLB just unanimously approved the deal! @orioles, the Next Chapter has begun! Go O's!" Rubenstein wrote on social media.
