Following Jeff Moorad’s failed attempt to buy the team, San Diego Padres owner John Moores has hired investment bankers to advise him on another sale of the franchise.
Unless something goes dramatically wrong with the sale this time, the delay will end up paying off for Moores: the team is undoubtedly worth more after a new TV contract this offseason with Fox and a potential resetting of the market after the sale of the Los Angeles Dodgers and Dodger Stadium for $2.15 billion.
The original deal for Moorad and crew to buy the Padres fell apart after his group failed to garner approval from MLB owners. Moorad and his investors control 49 percent of the franchise, while Moores controls the remainder. Moores and investment bankers Steve Greenberg of Allen & Co. and John Moag of Moag & Co. will oversee the sale of the team, and if there’s an appreciation from the price paid by Moorad’s group for their chunk (and we’re guessing there most certainly will be), they’ll also realize a profit.
“I think clearly the Dodgers sale and the improved media market are going to have a lifting effect on the value of the Padres,” Moores told AP. Exactly how it shapes out beats me, but it’s got to be a plus….Obviously it’s a good time to reach out and find out what the interest level is on acquiring a major league franchise.”
He added something we think is very sure to be true: “I’d be very surprised if there were not fundamental changes in the way folks buy MLB clubs.”
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