Person familiar with negotiations: MLB owners approve sale of San Diego Padres
August 16, 2012 - 1:07 PM
DENVER - Major League Baseball owners have approved the sale of the San Diego Padres to a group that includes the O'Malley family and pro golfer Phil Mickelson, a person familiar with the negotiations told The Associated Press on Thursday.
The person spoke on the condition of anonymity because Commissioner Bud Selig has yet to make an announcement. The owners were still in meetings at a downtown Denver hotel.
Under the deal, the group will buy the franchise from John Moores for around $800 million.
The new ownership group includes Kevin and Brian O'Malley, the sons of former Los Angeles Dodgers owner Peter O'Malley. Peter and Tom Seidler — the nephews of Peter O'Malley — also will be involved in the deal. Two of the four are expected to move to San Diego.
Tom Seidler is president of the Class A Visalia Rawhide.
Ron Fowler, chief executive of Liquid Investments, is set to become controlling owner.
The agreement came months after Jeff Moorad's attempt to buy the team on a layaway plan collapsed. Moores' deal with Moorad, who began his attempted purchase of the club in 2009, was valued at about $500 million. Moores' divorce forced him to put the team on the market in 2009.
The price for this sale was inflated thanks to a deal with Fox and the recent sale of the Dodgers for $2 billion.
The Padres are 52-67 this season and sit in fourth place in the NL West.
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AP Sports Writer Bernie Wilson in San Diego contributed.
News from © The Associated Press, 2012