Sources: Padres Choose O’Malley Group

For 48 years, the O'Malley family owned the Los Angeles Dodgers.

Walter O'Malley took over the club in 1950. His son Peter ran it from 1979 to 1998, when Peter sold it to Rupert Murdoch's News Corporation.

Now, 14 years later, Peter wants back in the game that could be called his family's business. After an unsuccessful attempt to reclaim his old club, the group led by the 74-year-old Peter O'Malley is about to take over the Padres.

According to sources close to the process, current majority owner John Moores has given the thumbs-up to the O'Malley group which includes, among others, San Diego native Phil Mickelson.

Sources tell NBC 7 San Diego the O'Malleys and Moores (who is asking about $800 million for the Padres) will enter negotiations.

If a sale price cannot be agreed on, or MLB pulls the plug on the deal because of concerns about the O'Malleys not being able to afford it, Moores has another potential buyer in mind.

Peter O'Malley will not be involved in day-to-day baseball operations. That job would fall to his son Kevin and his nephew Tom Seidler.

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Mickelson's involvement appears to be quite substantial, the source saying the 4-time major championship winner is ready to invest in excess of $50 million in his home town team.

Tony Gwynn is also likely to be involved, but not in an ownership capacity. Gwynn would likely join the team in a front office position, much like Trevor Hoffman recently did. If he does join the team he spent his entire Hall of Fame career with, Gwynn would have to step down as head baseball coach at San Diego State due to NCAA rules.

While there is no time table on sale, Moores would not have chosen the O'Malleys if they did not meet his qualifying offer requirements, so there is hope a deal could be reached before the end of the season.

The sooner the better, because with the July 31 MLB trade deadline looming, the state of the ownership has a direct impact on whether or not the likes of Carlos Quentin and Huston Street stay in San Diego or get sent away for more young prospects.