February 3, 2009
Report: San Diego Padres sale near
San Diego Padres owner John Moores and potential buyer Jeff Moorad may be close to announcing a definitive sales agreement, sources say.
The San Diego Union-Tribune, quoting several unnamed sources, reported Tuesday that the deal could be done by the middle of February. The newspaper said representatives of both Moores and Moorad had been negotiating the sale throughout the weekend, even though Moorad's
exclusive negotiating period expired Saturday.
Sources said the transfer of the Padres to Moorad calls for cash and an assumption of debt, with the selling price to be included in the total of that debt. The total cost of the sale, which includes the Padres' interest in the Padres' home field of Petco Park, should top $400 million, the Union-Tribune said.
John and Becky Moores, who are going through a divorce, will get at least $80 million in cash as part of the sale, sources told the newspaper, and would also will be relieved of $200 million in debt related mostly to Petco Park's construction.