According to the Padres, Jeff Moorad and his group will buy the franchise from John Moores for an undisclosed sum over a five-year period, subject to approval by Major League Baseball.
Moorad will assume the role of the Padres vice chairman and chief executive officer immediately, according to the franchise.
Moores introduced Moorad during a news conference today at Petco Park. "I am excited about joining the Padres and am honored to be part of the transition of ownership of this great franchise,'' Moorad said.
"The Padres have a rich tradition, both on the field and in the community,'' he said. "I am anxious to do all that I can to extend the legacy and join San Diegans as a proud member of the "Friar Faithful.'''
In a statement, Moores said he will "retain some responsibility for the club until Jeff gains control in the next several years.''
Moorad, a former player representative for professional baseball and football players, resigned in January as chief executive officer and general partner of the Arizona Diamondbacks.
Moores bought the Padres in 1995 for about $80 million.