02-03-2009, 07:07 PM
<!--quoteo-->QUOTE <!--quotec-->The Padres have been sold.
A California-based group led by Jeff Moorad has reached an agreement to buy the Padres from John Moores, the club announced this afternoon.
Under the terms of the agreement, the club said the sale is expected to close by Opening Day, with Moorad to assume the role of CEO of the Padres, a job currently held by Sandy Alderson.
Moorad and his group will initially purchase about one-third of the franchise, ultimately acquiring 100 percent ownership over a period of up to five years, subject to approval by Major League Baseball.
“Jeff Moorad will not only bring to the Padres his unique experience, passion for the game, and proven leadership, but an unparalleled commitment to the City of San Diego and its dedicated fans,” Moores said.
“I speak for our entire organization in saying that we look forward to working with Jeff to reach the ultimate goal of winning a World Series title for America's Finest City.”
Moores purchased the Padres for $84 million on Dec. 21, 1994, from a group led by Hollywood television producer Tom Werner.
It was not immediately known what Moorad's group will pay for the Padres, although the total is expected to top $400 million. That amount includes what the Padres owe on Petco Park.<!--QuoteEnd--><!--QuoteEEnd-->
A California-based group led by Jeff Moorad has reached an agreement to buy the Padres from John Moores, the club announced this afternoon.
Under the terms of the agreement, the club said the sale is expected to close by Opening Day, with Moorad to assume the role of CEO of the Padres, a job currently held by Sandy Alderson.
Moorad and his group will initially purchase about one-third of the franchise, ultimately acquiring 100 percent ownership over a period of up to five years, subject to approval by Major League Baseball.
“Jeff Moorad will not only bring to the Padres his unique experience, passion for the game, and proven leadership, but an unparalleled commitment to the City of San Diego and its dedicated fans,” Moores said.
“I speak for our entire organization in saying that we look forward to working with Jeff to reach the ultimate goal of winning a World Series title for America's Finest City.”
Moores purchased the Padres for $84 million on Dec. 21, 1994, from a group led by Hollywood television producer Tom Werner.
It was not immediately known what Moorad's group will pay for the Padres, although the total is expected to top $400 million. That amount includes what the Padres owe on Petco Park.<!--QuoteEnd--><!--QuoteEEnd-->
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