By Rick Horrow and Karla Swatek
August 10, 2012
In a move that had been expected for some time, a group led by former Los Angeles Dodgers owner Peter O’Malley has agreed to purchase the San Diego Padres from John Moores for approximately $800 million. Thu purchase price includes 100% of the team, Petco Park, and a 21% stake in the regional sports network FS San Diego. Major League Baseball could approve the deal as early as this week. Also a part of the ownership group is golfer Phil Mickelson, who called his minority investment “substantial.”
The real story in the sale, however, is how lucky the former owner Moores is. His attempted sale to Jeff Moorad fell through earlier this year after MLB was reluctant to approve to the purchase. Moorad initially agreed to buy the team in 2009 for $500 million. Since then, the Dodgers’ $2 billion sale boosted the market value of all MLB franchises and netted Moores an extra $300 million. Not bad.