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Sale of team still a ways away

The Sports Xchange

The sale of the Padres, which looked imminent earlier in the week, won't be completed until after the All-Star break, according to two sources Friday night.

The O'Malley Group, led by the heirs of former Dodgers owners Walter and Peter O'Malley, remains the only group negotiating with Padres majority owner John Moores. The O'Malley Group's exclusive negotiating period has been extended for at least another 10 days.

"The sale is advancing, but it's nowhere close to being completed," a source said. "Some details of the negotiations have slid backward. But overall, there continues to be progress toward an agreement in a very complicated transaction. Some of it is being renegotiated."

The negotiations are complicated by Moores being out of the country on vacation.

Moores owns 50.68 percent of the Padres. The minority group put together by Jeff Moorad in 2009 to purchase the Padres owns 49.32 percent. When the sale is completed, some of the minority partners will be joining the O'Malley Group.

Moores is seeking approximately $800 million for the Padres. The sale price includes $200 million that the club has received in advance payments from Fox Sports San Diego as part of the 20-year, $1.2 billion television deal.

Copyright (C) 2012 The Sports Xchange. All Rights Reserved.


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