Major League Baseball

Moorad essentially 50-50 partner with Moores

Published Mar. 25, 2010 6:35 a.m. ET

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Jeff Moorad has increased his stake to become essentially a 50-percent partner in owning the San Diego Padres.

Moorad made a $45 million wire transfer on Wednesday to John Moores, which gives his ownership group approximately a 50 percent stake.

Moorad took over as the Padres' CEO and minority owner a year ago Thursday.

Moorad initially purchased 34 percent of the team and took over Sandy Alderson's role as CEO when his group made its first $100 million payment last year. The former player agent and Arizona Diamondbacks CEO now has four more years to make a final $145 million payment to Moores.

When the transaction is finalized, Moorad's ownership team will have made close to $290 million in payments and incurred another $200 million in debt associated with the Padres. The deal also includes Moores' 30 percent stake in ownership of Petco Park.

``Believe it or not the wiring process took 45 minutes to confirm,'' Moorad said. ``By the end of the call I was exhausted.''

Moorad has previously said he doesn't anticipate making the final installment to Moores until the end of the four-year window.

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