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The Padres sale hold-up is because of Jeff Moorad’s limited partners

Jan 16, 2012, 10:30 AM EDT

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We saw last week that the final approval of the transfer of the San Diego Padres to Jeff Moorad had hit a snag based on some financial consideration or other. At Forbes today, Mike Ozanian gets a little closer to the problem:

The sale of controlling interest of the San Diego Padres to Jeff Moorad by John Moores has been delayed by Major League Baseball because the league is not convinced of the net worth of Moorad’s limited partners.

Ozanian says that the limited partners are being “put under the microscope.”

Like I said the other day, I suppose this is a good thing if it means that MLB is now taking the financial stability of its owners seriously in light of the Frank McCourt/Fred Wilpon debacles.  Still, it’s not like Moorad is new to the scene here, having been slowly taking over the Padres for a couple of years now.

  1. icanspeel - Jan 16, 2012 at 10:59 AM

    On 1 hand it is a good thing, but on the other he has been slowly trying to payoff the team the last few years, why weren’t questions raised then? I always thought the layaway purchase was a red flag from the beginning

    • paperlions - Jan 16, 2012 at 11:44 AM

      The funniest thing, is that he is paying off the team by using revenue sharing money. The Padres have been the most profitable team (income – expenses) in the league the last few years….by design, so that Moorad could make larger payments on the team…and, of course, a lot of that money is from revenue sharing.

      It just cracks me up that a former agent, who made all of his money by negotiating big deals with teams, now is still making money off of the other 29 teams to complete a purchase of a team.

  2. xpensivewinos - Jan 16, 2012 at 11:05 AM

    Hold on, I’ve got some spare change in the ash tray in my car………

    I concur with “icanspeel.” How in the world was a transaction like this allowed at that level? Moorad bought a baseball team the way a lot of people buy a sofa when a furniture store is having a sale. Shame on MLB for allowing this to happen. If someone wants to “play in the big leagues,” they need to pay up from day one.

    One more example of how baseball’s leadership is clueless.

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