San Diego Padres To Change Ownership
Tuesday, April 10, 2012
The majority owner of the San Diego Padres affirmed his intention to sell the team today, saying he has hired investment bankers to shop it around.
John Moores had been set to sell the Padres to Jeff Moorad, but that deal fell through when other team owners declined to bring the sale to a vote. A group led by Moorad had been purchasing the team in installments since 2009.
Moorad has stepped down as the leader of his group, which owns 49 percent of the Padres. Moores holds the rest.
Last week, Moores said he was still deciding whether to keep the Padres or try again to sell them. A pending television deal with Fox Sports and the recent sale of the Los Angeles Dodgers has increased the perceived value of San Diego's Major League Baseball franchise.
"Three years ago, I made the difficult decision to sell the club, and I didn't expect to have to make that same decision again," Moores said. "I have been honored to own the San Diego Padres and have enjoyed the experience tremendously."
Moores said Steve Greenberg of Allen & Company and John Moag of Moag & Company advised him that selling the team could take "a number of months."
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