A group that includes former Los Angeles Dodgers owner Peter O'Malley and pro golfer Phil Mickelson reached agreement Monday to buy the San Diego Padres from John Moores in a deal believed to be around $800 million.
Ron Fowler, chief executive of Liquid Investments, would become controlling owner if the agreement is approved by baseball owners and finalized, a baseball official said Tuesday. The official spoke on condition of anonymity because that part of the deal was not announced.
“An agreement has been confirmed but is not yet finalized. It has to be voted on,” Padres senior vice president, public affairs Sarah Farnsworth said after San Diego beat the Chicago Cubs 2-0 Monday night.
U-T San Diego first reported Monday night that a purchase agreement had been signed.
The purchase price apparently includes the $200 million in upfront money the Padres received from Fox Sports San Diego in a $1.2 billion, 30-year TV deal.
The agreement came months after Jeff Moorad’s attempt to buy the team on a layaway plan fell apart. Moores‘ deal with Moorad, who began his attempted purchase of the club in 2009, was valued at about $500 million.
The price for this sale was inflated thanks to the deal with Fox and the recent sale of the Dodgers for $2 billion.
Moores‘ divorce forced him to put the team on the market in 2009.
Baseball owners next meet Aug. 15-16 Denver. It is not clear if the sale will be put to a vote then.
Fans hope a change in owners can turn around the Padres, who regularly have had one of baseball’s lowest payrolls and have largely struggled since reaching the 1998 World Series.
The Padres are 47-64 this season and fourth in the NL West.
Moores has distanced himself from the team in recent years, first as he went through the divorce and as Moorad took over as CEO from 2009 until his sudden resignation in March. Many fans felt Moores showed an increasing disinterest in the club.