It’s Official: Padres Sold for $800MWednesday, August 29, 2012
The prolonged sale of the San Diego Padres was completed to a group headed by beer distributor Ron Fowler, and the O’Malley and Seidler families, the ballclub said.
The group, which was formally introduced today, is paying John Moores $800 million, or about $300 million more than the price agreed upon in 2009 by a group headed by Jeff Moorad, a former sports agent and executive with the Arizona Diamondbacks.
After Major League Baseball did not approve that transaction earlier this year, Moores arranged the sale of the franchise to the new group that includes a few people from the first group, including Fowler.
MLB approved the new arrangement about two weeks ago.
Fowler, chairman and CEO of Liquid Investments Inc., was named as executive chairman and the club’s control person.
The other major owners are Kevin and Brian O’Malley, sons of former Los Angeles Dodgers owner Peter O’Malley, and his nephews, Peter and Tom Seidler.
Notably absent from the new group was pro golfer Phil Mickelson, who had been mentioned as a part owner.
The ownership group also includes Rick Barry, Glenn Doshay, Alexis Fowler, Patrick Graham, Alfredo Harp Helu, Harvey Jabara, Lee Ross and Wayne Seltzer.