San Diego Padres owner John Moores has signed a contract to sell the National League team to former player agent Jeff Moorad. Moorad is currently a general partner in the Arizona Diamondbacks MLB team.
According to Moores, Moorad and his partnership group will have five years to buy out controlling interest in the Padres. Until then, Moores will retain control of the San Diego franchise. He bought the team in late 1994 for $82 million. Last year, Forbes Magazine valued the Padres at $385 million, 19th among the 30 Major League teams.
According to MLB rules, no person can own more than five percent in two franchises. Moorad owns about 12 percent in the Diamondbacks, and thus will have to divest himself of most of his holdings in the Phoenix club.
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