Padres sale set to be completed this week, reports MLB
The incremental purchase of the Padres baseball team by a group led by Jeff Moorad is scheduled to be completed this week, the official website of Major League Baseball reported Monday.
According to mlb.com, Moorad’s group has fully paid off previous majority owner John Moores, and the closure of the sale only needs approval of the league’s owners, and that is scheduled for Thursday.
Moorad, who did not comment, began buying into the franchise in 2009 with an eye toward completely assuming Moores’ estimated $530 million share several years later. He owned 49 percent of the Padres last year.
The completion of the sale is expected to smooth the way for the Padres to announce a television deal with Fox Sports, which will start a San Diego cable channel along the lines of Fox Sports Prime Ticket in Los Angeles and Fox Sports Arizona.
According to various media reports, anticipation of the additional income has already allowed the team to increase 2012 payroll by about $10 million.
The Padres went to the playoffs four times under Moores, including a World Series appearance in 1998. He purchased the team from Tom Werner in 1995.
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