Padres CEO Withdraws Bid To Take Over Team
Friday, March 9, 2012
Padres Vice Chairman and CEO Jeff Moorad today withdrew a bid to take over a controlling share of the franchise from outgoing owner John Moores.
The change of hands at the helm of the local baseball team was scheduled to be taken up by owners next week.
In a statement released by the Padres, Moorad withdrew his request "in order to expedite (Major League Baseball) approval of the club's television broadcasting agreement."
The Padres have a tentative TV deal with Fox Sports, which is set to launch its Fox Sports San Diego channel any day now. The agreement has been held up because owners have not approved the transfer of a controlling interest in the ball club from Moores to Moorad.
The sale has progressed incrementally since 2009 from Moores, who still controls 51 percent of the team, to Moorad, a former player agent and CEO of the Arizona Diamondbacks.
"With Opening Day less than one month away, John Moores and I believe our top priority is to ensure that Padres fans will be able to watch broadcasts of what we believe is an exciting baseball team,'' Moorad said in the statement.
"I remain fully committed to the San Diego Padres and our fans, and am looking forward to the 2012 season."
The sale to Moorad requires the approval of 22 of baseball's 30 owners.
To view PDF documents, Download Acrobat Reader.