Padres owner John Moores has reached a deal worth over $500 million to sell the team to Former Diamondbacks CEO Jeff Moorad over a period of up to 5 years . The deal was announced by the Padres on the Major League Baseball site earlier today.
“I anticipate that I’ll remain the control person for three years,” said Moores, who is going through a divorce and in need of some cash. Moorad will have up to five years to buy out the controlling interest from Moores who will continue to control the team until then. The deal is expected to be approved by other Major League Baseball owners so the main hurdle for the deal to go through will be financing.
It’s not entirely obvious why someone would want to buy the Padres right now after they lost 99 games last season, but MLB clubs have been lucrative investments that pay very well over time. John Moores $84 million purchase of the Padres in 1994 will yield him over a 500% return on investment.
Jeff Moorad is a former players agent who graduated from UCLA and earned his law degree from Villanova. He currently owns a share of the Arizona Diamondbacks.
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Padres need our support even more when they’re losing games