John Moores Aims to Sell PadresWednesday, April 11, 2012
John Moores, who owns 51 percent of the San Diego Padres, announced April 10 that he’s selling the ballclub, and retained two baseball consultants to help field offers.
Moores said the recent sale of the Los Angeles Dodgers for about $2 billion affected his thinking to sell the franchise. He has been the Padres’ majority owner since 1994, when he acquired the team for about $80 million.
“Clearly, the Dodger sale and the improved media markets have had a lifting effect on the sale of the Padres … but what it will be, beats me,” Moores said.
In 2009, Moores arranged to sell the franchise for about $520 million in a phased transaction to a group headed by former sports agent Jeff Moorad. However, in January, Major League Baseball declined to approve the deal.
Moorad resigned as chief executive last month, but retains the title of vice chairman.
Moores is retaining Steve Greenberg of Allen & Co. and John Moag of Moag & Co. for advice and work with prospective buyers. The two said they have been involved in other major league franchise transactions, including the sale of the Milwaukee Brewers.
— Mike Allen