The San Diego Padres said Feb. 3 that they have entered into an agreement to sell the club to a group led by Jeff Moorad, who resigned last month as CEO of the Arizona Diamondbacks.
Under the deal, which must be approved by 75 percent of major league baseball owners, Moorad’s group will purchase one-third of the club this year with plans to acquire the other two-thirds in the next five years. He would be installed as CEO by Opening Day.
The current owner, Chairman John Moores, purchased the club for $94 million in 1994, according to Forbes.com, which valued the Padres at $385 million in April, 19th among the 30 major league teams.
Moores and his wife, Becky Moores, own 90 percent of the team, but are going through a divorce. Their daughter Jennifer, and Glenn Doshay, a San Diego businessman, own 5 percent each.
A UCLA graduate and former player agent, Moorad purchased an ownership stake in the Diamondbacks in 2005.
In the announcement, Moorad said he is committed to fielding a team that wins consistently “with an absolute goal of winning a World Series championship.”
The Padres are scheduled to start their 40th major league season April 6.
, Ned Randolph