San Diego Padres Sale to Peter O’Malley Group Completed
Monday, August 6, 2012
The sale of the San Diego Padres to a group including former Los Angeles Dodger owner Peter O'Malley, his two sons, two nephews and golf star Phil Mickelson was completed Monday night, the team announced.
The team declined further comment until the sale is approved by other Major League Baseball owners. The approval could come at the Aug. 16 owners meeting in Denver, according to U-T San Diego.
The purchase price from John Moores and a group of minority owners formed by Jeff Moorad in 2009 to buy the Padres is approximately $800 million, including $200 million in upfront money the Padres received as an advance payment from Fox Sports San Diego as part of a new 20-year television agreement, U-T San Diego reported.
The group includes O'Malley's sons Kevin and Brian, nephews Peter and Tom Seidler and Ron Fowler, chief executive of Liquid Investments, according to U-T San Diego.
Moores bought the Padres 17 years ago for about $70 million.
The O'Malley family owned the Dodgers from 1950, when they were located in Brooklyn, to 1998.