A group led by Peter O’Malley and family, as well as pro golfer Phil Mickelson, has reach an agreement to buy the San Diego Padres from John Moores and other minority investors.
The sale price has not been formally announced, but it’s been pegged at around $800 million, though that number may actually be lower because of $200 million on the Padres’ books due to a payment from Fox Sports San Diego in a $1.2 billion, 30-year TV deal. It was first reported by UT-San Diego.
The O’Malley group includes Peter O’Malley, the former owner of the Los Angeles Dodgers and son of Dodgers scion Walter O’Malley; his sons Kevin and Brian; his nephews Peter and Tom Seidler, owners of the Visalia Rawhide (High Class A; California League); Mickelson; and San Diego businessman Ron Fowler, who already owned a chunk of the team as part of the Moorad ownership bloc.
The sale still needs MLB owners approval, but that’s not expected to be an issue and could come as soon as Aug. 16, when owners are scheduled to meet in Denver.
In a statement, Peter Seidler confirmed the purchase.
“Earlier today, our group signed the purchase agreement,” Seidler said. “The acquisition is subject to the approval of Major League Baseball and the major league clubs.
“Assuming we receive approval, there will be a prompt, efficient and smooth transition. For decades the Padres have been an exciting and entertaining part of San Diego. We will field exciting and winning teams. We will reserve further comment until the proper time.”
The sale has been in the works for months; Moores originally put the team on the market in 2009 as part of a divorce settlement and had a deal to sell the team for $500 million to the Moorad group. But MLB owners declined to approve Moorad’s purchase of the team, and in the meantime the price of the franchise had appreciated thanks to the TV deal and, perhaps, the sale of the Los Angeles Dodgers (though this doesn’t seem to be the case to the extent many assumed).
Moores has been running the team on the cheap; it remains to be seen how much more capital the O’Malley group will bring to the table.
RELATED STORIES: Mickelson joins potential Padres ownership group; Three groups approved to negotiate purchase of Padres; O’Malleys may make run at Padres; Moores puts San Diego Padres back on the market
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