After months of negotiations, the San Diego Padres have finally been sold to a group headed by the heirs of former Los Angeles Dodgers owner Walter O'Malley, reports Bill Center of the San Diego Union-Tribune:
The O’Malley Group purchased the Padres from majority owner John Moores and a group of minority owners formed by Jeff Moorad in 2009 to buy the Padres.
The sale price of approximately $800 million includes $200 million in upfront money the Padres received as an advance payment from Fox Sports San Diego as part of a new 20-year television agreement.
In addition to the O'Malley heirs, members of the purchasing group also include professional golfer Phil Mickelson, beverage distributor CEO Ron Fowler and some members of Moorad's ownership group.
The kin of Peter O'Malley, sons Kevin and Brian O'Malley and nephews Peter and Tom Seidler, are expected to assume the "hands-on" ownership roles of teams operations and leadership. No immediate changes are expected to be made in the Padres' front office.
While the final purchase agreement was agreed to by Moorad and the O'Malley Group last night, it is still pending the approval of the other MLB owners.
Can the O'Malley Group help reverse the Padres' fortune?