Padres agree to sell

The San Diego Padres have agreed to sell the franchise to a group led by the former chief executive officer of the Arizona Diamondbacks, it was announced Tuesday.

According to the Padres, a California-based ownership group led by Jeff Moorad will buy the team over time – up to five years – and eventually become the full owners.

Padres officials declined to divulge the sale price, but the deal is reported to be worth more than $400 million.

Under the terms of the agreement, the sale is expected to close and Moorad become the Padres’ chief executive officer by opening day, according to a statement from the franchise.

Moorad, a former player representative for professional baseball and football players, resigned last month as chief executive officer of the Diamondbacks. He purchased an ownership state in the Diamondbacks in 2005.

“It’s a honor to enter into an agreement to purchase the San Diego Padres, a team with a rich history of great players, terrific fans and a strong commitment to the community,” Moorad said. “I consider it a privilege to have worked out an agreement that allows for the orderly transition of ownership of the franchise over the next several years.”

John Moores bought the Padres in 1995 for about $80 million. In December, Moores announced the hiring of Goldman Sachs to look for potential buyers.

“Jeff Moorad will not only bring to the Padres his unique experience, passion for the game and proven leadership, but an unparalleled commitment to the city of San Diego and its dedicated fans,” Moores said. “I speak for our entire organization in saying that we look forward to working with Jeff to reach the ultimate goal of winning a World Series title for America’s Finest City.”

Related posts:

  1. Owner of Padres gives $2.1 million to Scripps
  2. Fairgrounds officials try to sell naming rights
  3. Environmental groups agree not to sue
  4. San Diego to sell Heights Road property as surplus
  5. New company will use seed to create biodiesel

Short URL:

Posted by Pat Sherman on Feb 3, 2009. Filed under Archives. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

Leave a Reply



Bottom Buttons 1

Bottom Buttons 2

Bottom Buttons 3

Bottom Buttons 4

Bottom Buttons 5

Bottom Buttons 6





  • Czech violin duo to perform at Village Church in Rancho Santa Fe
    In cooperation with the Consulate General of the Czech Republic, the Czech School San Diego hosts a free classical violin concert by internationally recognized Czech violin player Jaroslav Svecený and his daughter, Julie Svecená, who are on a tour of the United States. The concert will be at 7 p.m. Oct. 27 in the Village Church. The father-daughter duo will […]
  • Rancho Santa Fe weekly sports update
    Torrey Pines defeated Canyon Crest Academy 4-3 in a Palomar League opener for both teams on Oct. 9. Alayna Tomlinson and Farah Farjood each scored two goals to lead the Falcons. Samantha “Sammy” Cirino added one goal and one assist. […]
  • ‘Kachina Dolls and Dances’ to be topic at Rancho Santa Fe Historical Society lecture
    Native American expert Dr. James Kemp will discuss “Kachina Dolls and Dances” from 10:30 a.m.-12:30 p.m. Saturday, Oct. 25, at the Rancho Santa Fe Historical Society. Katsina figures, also known as kachina dolls (in photo at right), were carved typically from cottonwood root by the Hopi people to instruct young girls and new brides about the katsinas, the im […]