MLB

Moores hires bankers to sell Padres

Share This Story

   
 

SAN DIEGO (AP)

John Moores is putting the San Diego Padres up for sale again following a failed effort by former player agent Jeff Moorad to buy the team.

FOX Fantasy Baseball
FOX FANTASY BASEBALL
Sign up today for FOX Fantasy Baseball. It's fun, easy and 100% free.
JOIN OR CREATE A LEAGUE TODAY!»

Moores announced Tuesday he has hired investment bankers Steve Greenberg of Allen & Co. and John Moag of Moag & Co. to advise on the sale, which could take six months to a year.

The Padres could be worth a few hundred million more this time around, thanks to the Los Angeles Dodgers selling for a record $2 billion and the Padres' new TV deal with Fox.

Moores wouldn't speculate on a price or a buyer, but said the economic climate is different than three years ago, when he first put the club up for sale due to a difficult divorce.

''I think clearly the Dodgers sale and the improved media market are going to have a lifting effect on the value of the Padres. Exactly how it shapes out beats me, but it's got to be a plus. .. Obviously it's a good time to reach out and find out what the interest level is on acquiring a major league franchise,'' he said.

Moores' proposed sale of the team to Moorad collapsed last month after baseball owners' refused to approve to proposed transfer of controlling owner. Moorad headed a group that in March 2009 agreed to a gradual takeover of the Padres. At the time, the deal was estimated to be worth around $500 million.

The group Moorad headed holds 49 percent, while Moores owns 51 percent.

Moores indicated that the entire team is for sale, and that the limited partnership will get 49 percent of the proceeds. He said some of those in the limited partnership might want to become part of a new ownership group or may want to buy the club themselves.

Moorad resigned as chief executive officer last month but remained as vice chairman to work on securing MLB approval of the TV deal with Fox. That deal reportedly could be worth $1 billion to the team the next 20 years.

POWER RANKINGS

See if your favorite team is pointed in the right direction this week.

''As I've said repeatedly, owning a major league club is an absolute joy,'' Moores said. ''It's difficult to think about not owning a club, but it's time. This is my 18th season. The average club turns over every five to six seasons. I'm clearly on the long end of ownership.''

Moores said he had no idea why Moorad couldn't muster the support to approve his purchase.

Moores also said Moorad's attempt to buy the team on an installment plan and the Dodgers' sale could lead MLB to re-evaluate how teams are sold.

''I'd be very surprised if there were not fundamental changes in the way folks buy MLB clubs,'' he said.

Moores, who made a fortune in computer software, bought a majority stake in the Padres for approximately $80 million in 1994 from a 15-member group headed by TV producer Tom Werner, who eight years later became chairman of the Boston Red Sox.

Under Moores' ownership, the Padres won four NL West titles and reached the 1998 World Series before being swept by the New York Yankees.

In November 1998, voters overwhelmingly approved Petco Park. The downtown ballpark didn't open until 2004, however, due to lawsuits and a federal investigation into Moores' dealings with a city councilwoman.

Some fans still believe the Padres failed to live up to their promise of using increased revenue from Petco Park to add free agents. In recent seasons, the Padres have dealt star players such as Jake Peavy, the 2007 NL Cy Young Award winner, and Adrian Gonzalez due to financial reasons.

The Padres have won only one postseason game since their 1998 World Series appearance.

Tagged: Dodgers, Padres

Related Stories

Member Comments

Please note by clicking on "Post comment" you acknowledge that you have read the Terms of Use and the comment you are posting is in compliance with such terms. Be Polite. Inappropriate posts may be removed by the moderator.

powered by



MLB Videos

Bautista talks Derek Jeter's final All-Star Game Posted: Jul 16, 2014
Jose Bautista discusses Derek Jeter's career and his final appearance in the MLB...

Jeter honored to play in last All-Star Game Posted: Jul 16, 2014
Derek Jeter compares his first All-Star Game experience with his last, Mike Trou...

Matheny defends Wainwright: He's out there to compete Posted: Jul 16, 2014
Mike Matheny comments on the media's reaction to Adam Wainwright's joke about le...

SimLeague Baseball - Simulation Baseball Game

Fox Sports Store

    itemName itemURL imageSrc price itemDescription
    Nike New York Yankees Practice T-Shirt - Ash http://shop.foxsports.com/FOX_New_York_Yankees/browse/featuredproduct/606363/source/foxsports_prsp_ca http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_606000/ff_606363_xl.jpg&w=100 27.95 Nike New York Yankees Practice T-Shirt - Ash
    Majestic Detroit Tigers 2012 MLB American League Champions Clubhouse Locker Room T-Shirt - Navy Blue http://shop.foxsports.com/FOX_Detroit_Tigers/browse/featuredproduct/1064043/source/foxsports_prsp_ca http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_1064000/ff_1064043_xl.jpg&w=100 24.95 Majestic Detroit Tigers 2012 MLB American League Champions Clubhouse Locker Room..
    Majestic San Francisco Giants 2012 MLB World Series Champions Clubhouse Locker Room T-Shirt - Gray http://shop.foxsports.com/FOX_San_Francisco_Giants/browse/featuredproduct/1067359/source/foxsports_prsp_ca http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_1067000/ff_1067359_xl.jpg&w=100 24.95 Majestic San Francisco Giants 2012 MLB World Series Champions Clubhouse Locker R..
    Majestic San Francisco Giants 2012 MLB World Series Champions Clubhouse Locker Room Pullover Hoodie - Steel http://shop.foxsports.com/FOX_San_Francisco_Giants/browse/featuredproduct/1067382/source/foxsports_prsp_ca http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_1067000/ff_1067382_xl.jpg&w=100 54.95 Majestic San Francisco Giants 2012 MLB World Series Champions Clubhouse Locker R..
    New Era San Francisco Giants 2012 MLB World Series Champions Clubhouse Locker Room 39THIRTY Flex Hat - Charcoal/Black http://shop.foxsports.com/FOX_San_Francisco_Giants/browse/featuredproduct/1067785/source/foxsports_prsp_ca http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_1067000/ff_1067785_xl.jpg&w=100 31.95 New Era San Francisco Giants 2012 MLB World Series Champions Clubhouse Locker Ro..
    Majestic San Francisco Giants 2012 MLB World Series Champions Glory T-Shirt - Black http://shop.foxsports.com/FOX_San_Francisco_Giants/browse/featuredproduct/1068294/source/foxsports_prsp_ca http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_1068000/ff_1068294_xl.jpg&w=100 21.95 Majestic San Francisco Giants 2012 MLB World Series Champions Glory T-Shirt - Bl..
    Majestic San Francisco Giants 2012 MLB World Series Champions Batting Practice Performance Jersey - Black/Orange http://shop.foxsports.com/FOX_San_Francisco_Giants/browse/featuredproduct/1068787/source/foxsports_prsp_ca http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_1068000/ff_1068787_xl.jpg&w=100 94.95 Majestic San Francisco Giants 2012 MLB World Series Champions Batting Practice P..