Jeff Moorad and John Moores have reached an agreement for the sale of the San Diego Padres over a five-year period, with Moores retaining control of the franchise for the next three years.
Jeff Moorad and John Moores have reached an agreement for the sale of the San Diego Padres over a five-year period, with Moores retaining control of the franchise for the next three years and Moorad taking over as chief executive offer.
Moorad, the former agent who most recently served as the president of the Arizona Diamondbacks, and his group are buying a one-third interest in the Padres and have up to five years to purchase the remainder. For the next three years Moores will be the face of the team, representing it at owners’ meetings and controlling the franchise.
The final sale price has not been determined, but Moores says it will ultimately be around $500 million. Though the sale will address some $285 million in debt associated with the team, Moores will still walk away from the deal with a little ching: he bought the Padres for $82 million in 1994.
Moorad still owns 12 percent of the Diamondbacks and will sell it, probably to the four other shareholders of the team. In Phoenix. Moorad engineered a team turnaround that including an overhauling of the farm system, increased attendance and many changes to Chase Field, including some to be debuted for the 2009 season.