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Friday, January 02, 2009

ESPN: Jeff Moorad Reaches Agreement In Principle For Padres Sale

Jeff Moorad has reached an agreement in principle to purchase the San Diego Padres.
San Diego owner John Moores confirmed in an e-mail to The Associated Press that Moorad had exclusive negotiating rights to buy the team. Jesse Jacobs from Goldman Sachs didn't immediately return a call or e-mail seeking comment.
Reaction at Gaslamp Ball (not much, so far).

Update: More coverage at the San Diego Union-Tribune:

Arizona Diamondbacks general partner Jeff Moorad said Friday he has "an agreement in principle" to buy the Padres from John Moores and expects the deal to become official within a few months.

The San Diego Padres later confirmed that they have entered into exclusive negotiations to sell the team to a group led by Moorad. Any transaction that might result from such negotiations would likely be completed in the first quarter of 2009.

Moorad announced his resignation from the Diamondbacks on Friday afternoon, paving the way for him to finish off negotiations with the Padres. He said only "finer points" remain to be hashed out.

"Interest in the club was high and heavy," Moorad said. "I am pleased to get to this point and get to a point of exclusivity which gives me and my group a chance to put something together.

"I am certain that I will be able to help craft a plan, assuming our deal is finalized, that ensures a competitive team year in and year out and ultimately produces a World Series championship that the Padres organization and its fans so richly deserve."

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