AGREEMENT REACHED ON PADRES SALE

The sale of the San Diego Padres is poised to take place as majority owner John Moores has reached an agreement with a local group that includes members of the O’Malley family. The $800 million sale would have to be approved by 75% of the other owners. The next owners’ meeting is scheduled for August 16th in Denver.

The ownership situation in San Diego has been up in the air since Moores first tried to sell the club to Jeffrey Moorad in 2009. The price at that time was $525 million but a lot has changed since then. The Padres have a new $1.2 billion television contract with Fox. Also in the interim, the sale of the Dodgers for $2.15 billion altered the value of a major league team.

The new ownership group is headed up by businessman Ron Fowler of San Diego and, in addition to relatives of former Dodgers owner Peter O’Malley, also includes pro golfer Phil Mickelson one of San Diego’s most famous residents.

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