Friday, January 02, 2009

Jeff Moorad Quits D-Backs to Buy the Padres

posted by Jon Williams
Jeff Moorad, the CEO of the Arizona Diamondbacks has quit that position to pursue the purchase of the San Diego Padres. It appears that he has the inside track. This could be a huge development for the Padres. Moorad grew up in Southern California and has wanted this for a long time. It is pretty easy to envision him maximizing the payroll and allowing the Padres to keep their best players like first baseman Adrian Gonzalez and right-handed starter Jake Peavy, who are becoming expensive. This is definitely a situation to watch.

From Yahoo.com:

PHOENIX (AP)—Jeff Moorad has resigned as Arizona Diamondbacks chief executive officer and says he has reached an agreement in principle to buy the San Diego Padres.

Moorad said Friday he heads a “small but significant” group of investors that has an exclusive right to complete the specifics of negotiations with Padres owner John Moores. Moorad said he hopes the transaction can be completed in the next three months.

Moorad said he has a long friendship with Moores and his wife, Becky, whose divorce precipitated the Padres’ potential sale.

Discussions on the potential purchase became extensive after Moores hired Goldman Sachs to oversee the sale of the club in late November, Moorad said.

“We have a lot of work to do,” Moorad said on a conference call, “but John and Becky and the folks at Goldman Sachs have been very attentive and focused as I intend to be over the next month or so. I’m hopeful that we can get to the finish line.”

The Moores reportedly own 90 percent of the Padres. Community property laws in California give Becky Moores a 50 percent share of that asset and she must agree to any sale.

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