By Opening Day at PETCO Park, Jeff Moorad will be the new CEO of the San Diego Padres.
The Padres confirmed Tuesday that team owners have entered into an agreement to sell the ball club to a California-based ownership group led by Moorad, who up until last month was the CEO of the Arizona Diamondbacks.
Moorad and his group will buy the franchise over a period of up to five years, ultimately acquiring 100% ownership, subject to approval by Major League Baseball, according to a release from the team.
“Jeff Moorad will not only bring to the Padres his unique experience, passion for the game, and proven leadership, but an unparalleled commitment to the City of San Diego and its dedicated fans," Padres Chairman John Moores is quoted as saying in the team release.
“I speak for our entire organization in saying that we look forward to working with Jeff to reach the ultimate goal of winning a World Series title for America's Finest City,” said Moores.
Moorad said he has had a long friendship with Moores and his wife, Becky, whose divorce precipitated the Padres' potential sale. The Moores reportedly own 90 percent of the Padres. Community property laws in California give Becky Moores a 50 percent share of that asset and she must agree to any sale.
Earlier this month, Moorad reported that he first approached Moores about buying the team when rumors surfaced that the Padres might be for sale. Read more here
Moores said the sale value of the club, determined through a series of closings, will ultimately be more than $500 million, including debt, according to MLB.com. Moorad must come up with about $165 million to close this part of the deal, according to the website. Last year, Forbes Magazine valued the Padres at $385 million, 19th among the 30 Major League teams, MLB reported.