San Diego Padres chairman John Moores has put his team up for sale for the second time in four years, reports Bill Center of UT San Diego.
The sale process is expected to take six months to a year, and no potential buyers or sale price has been announced as of yet. The sale will include the team's 20 percent share in the Fox Sports San Diego network and the new 20-year TV deal with Fox Sports that is awaiting final approval.
Moores' initial attempt to sell the Padres, which was initiated in 2008, fell through last month when prospective owner Jeff Moorad resigned from his position as team CEO.
A group led by Moorad agreed to purchase the team in February 2009 on a five-year installment plan for $500 million, but the deal began to collapse in January this year when the other MLB owners drew Moorad's purchase into question.
Moorad and his group still own a 49 percent interest in the club.
The Padres have hired Steve Greenberg of Allen & Company and John Moag of Moag & Company to advise on the sale of the team.