Padres’ Owner Expected to Choose Winning Bidder Next Week
Ken Rosenthal of Fox Sports is reporting the bidding for the Padres is down to three groups. He expects majority
owner John Moores to make a decision on the winning bidder next week and feels the sale could go through by the All-Star break.
The San Diego Padres were sold by Moores back in 2009 to a group headed by Jeff Moorad. Moorad is a former player agent and former executive with the Diamondbacks. Earlier this year, as Moorad tried to make the final payments to take over ownership of the team (he bought the team on an installment plan), Major League Baseball’s owners did not approve him as the next owner of the Padres. It quickly became clear that he would not get baseball’s approval, and he stepped down from his position as CEO and gave up his bid to buy controlling interest in the team.
Now, with the Padres up for sale for the second time in three years, it looks like Moores stands to make more on the sale. With the recent sale of the Dodgers and the improved economy, most people think Moores will be able to sell the team for more than what Moorad had agreed to pay.
We won’t find out how much that sale price will be until next week at the earliest, but with three groups involved, it seems logical that the price will be driven up. Just a couple weeks ago, there were other groups involved including Thomas Tull’s group led by Tony Gwynn. Tull’s group was eliminated recently.
According to Rosenthal:
"The sale price for the Padres is expected to meet or exceed $800 million, the source said – $600 million for the club and $200 million for a portion of the team’s equity stake in FOX Sports San Diego."
The Padres currently have the worst record in baseball, but that has not deterred groups from bidding on the team. San Diego’s season is not indicative of its future as they have one of the best farm systems in baseball and hope to compete in the near future. A new owner should help the situation.
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