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Moores Provides San Diego Padres Sale Update

Padres Owner Talks About Progress

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    NEWSLETTERS

    WireImage
    Padres owner John Moores stands to make a whole lot more selling his team than he did last time. (Photo by M. Caulfield/WireImage)

    The Padres are in New York for a series against the Mets. So is owner John Moores, who shed a little light on what's going on with the sale of his team.

    He believes it shouldn't take too long to make a deal. Moores told MLB.com he expects to have a sale in place by the end of this season, and that three groups have been approved by Major League Baseball to make a bid.

    They're led by New York-based hedge fund manager Steve Cohen, former Dodgers owner Peter O'Malley (both of whom tried to buy the Dodgers before Magic Johnson's group did it) and Legendary Pictures CEO Thomas Tull, who's recruited Tony Gwynn's help.

    Moores also expects 3 more groups to come in to play.

    The agreement Moores had with Jeff Moorad 3 years ago was for $530 million. Since then the Padres have added a lucrative T-V contract, and the Dodgers went for $2.1 billion. Taking that in to account, Moores says the sale price now is "... significantly north of where it once was."

    Moorad's group will be bought out in whatever new deal is completed.