Tuesday, February 3, 2009
The Padres announced an agreement today to sell the team to an ownership group led by former Arizona Diamondbacks Chief Executive Officer Jeff Moorad. KPBS reporter Katie Orr has details.
The Padres say they expect the sale to be closed by Opening Day. Moorad will assume the CEO position then. In a statement, Moorad says he knows he’ll be responsible for fielding a consistent team with a goal of winning a World Series championship. Moorad’s California based ownership group will buy the team gradually over a five year period. The Padres won’t divulge the sale price, but the deal is reported to be worth more than $400 million. Current owner John Moores bought the team in 1995 for about 80 million dollars. Moores is selling the team as part of a divorce settlement with his estranged wife.
Katie Orr, KPBS News