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Padres' Sale to O'Malley Family Near Completion

July 8, 2012; San Diego, CA, USA; A general view of a game between the Cincinnati Reds and San Diego Padres during the seventh inning at PETCO Park. Mandatory Credit: Jake Roth-US PRESSWIRE
July 8, 2012; San Diego, CA, USA; A general view of a game between the Cincinnati Reds and San Diego Padres during the seventh inning at PETCO Park. Mandatory Credit: Jake Roth-US PRESSWIRE

The sale of the San Diego Padres to the O'Malley Group is near completion but will not be finalized until after the All-Star break, according to Reuters.

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.

While the two sides appeared to be on the verge of a final agreement earlier in the week, complications arose from Moores being out of the country and now certain details are being re-negotiated. Moores, who owns 50.68% of the team, is seeking roughly $800 million for the club, which includes $200 million for the 20-year television deal with the Fox Sports San Diego.

Several minority partners---members of the Jeff Moorad group that owns the other 49.32% of the team---are expected to join forces with the O'Malley Group once the sale is completed. Moorad was expected to take over ownership of the team this year but dropped out in January.

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Will new ownership change the Padres' recent (mis)fortune?

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