Jeff Moorad, former chief executive for the Arizona Diamondbacks, has entered into negotiations with John Moores, the primary owner of the San Diego Padres, to purchase the franchise along with other investors, Moorad said Jan. 2.
The transaction, estimated at $400 million in one report, is the result of a pending divorce between Moores and his wife, Becky. The sale is supposed to close by the first quarter of 2009, the team said in a statement.
The Padres, which Moores purchased in 1994 from a group led by television producer Tom Werner, was valued last year at $385 million by Forbes Magazine, ranking it 19th highest among the 30 franchises in Major League Baseball.
Moorad, an Orange County resident, is a longtime former sports agent who once represented baseball star Manny Ramirez among others. He joined the Diamondbacks as CEO and a partner four years ago.
, Mike Allen