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John Moores to try again to sell the Padres

Apr 9, 2012, 2:03 PM EDT

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After his long-gestating sale of the Padres to Jeff Moorad went south, John Moores is trying again:

Padres majority owner John Moores has retained investment banker Steve Greenberg to broker a sale of the club, according to a Los Angeles Times report on Saturday … Moores previously sold the Padres in January 2009 for $525 million to Moorad, who had three to five years to complete the purchase.

Given the explosion in local TV rights revenues — the Padres are just now closing a 20-year, $1 billion TV deal — that delay in the sale probably made Moores $250 million more on the sale of the team than if the Moorad deal had been consummated.

Almost makes one wonder if the failure to approve Moorad was about his financing or if, rather, it was early-seller’s remorse.

  1. ptfu - Apr 9, 2012 at 4:11 PM

    I dunno about early-seller’s remorse. AFAIK Moores was livid when his sale didn’t go through. Dude just wants out, although he wouldn’t say no to more money now.

    That said, there could be second-hand seller’s remorse (seller’s remorse once-removed?) from the other 29 owners, and their puppet Bud. None of the owners wants their own franchise value to decrease in light of a cheap Padres sale. So the pressure from Bud/the other 29 on Moores was to drive a harder bargain so everyone else looks better. No, I don’t have a shred of evidence to support any of this.

  2. - Apr 9, 2012 at 5:27 PM

    Surely HBT Commenters could check their couches and consoles in their cars for loose change, and together we could put a bid in for the Padres.

    We’d all have to quit our day jobs and move to San Diego, hope ya’ll could handle that.

    • monarch897 - Apr 10, 2012 at 8:43 AM

      You ever been to SD?

      Moving there and owning the Pads wouldn’t exactly be torture

  3. micker716 - Apr 9, 2012 at 9:51 PM

    What’s James Worthy up to these days?

  4. gloccamorra - Apr 10, 2012 at 3:16 PM

    I don’t know about $250 million more. The sale included $228 million in debt in addition to $297 million cash, and I’m not sure how much of that debt was paid down by Moorad, but the killer is $115 million in ballpark debt at 8.65% with no provision for an early payback. That’s nearly $11 million/year that can’t go to payroll. And the collateral is the Padres’ 30% ownership of Petco, which reverts back to the city of SD after 30 years, making the team a renter again.

    $525 million plus $250 million gets the Padres sale up near the Cubs, who own their own ballpark and it’s paid for, as is the case with the Dodgers. There’s a $200 million up-front payment in the TV contract, but didn’t Selig go nuts over McCourt taking potential TV money away from the ballclub?

    Besides, Moores owns only 51% of the Padres – the Moorad group would have to be bought out as part of the deal, though a majority owner could force the minority owners to sell, since they no longer have an option. Something tells me this situation is going to be the subject of many more Hardball posts.

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