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Three groups in the final running to buy the Padres for $800 million

Jun 14, 2012, 4:01 PM EDT

padres logo friar

Bill Shaikin of the Los Angeles Times reports that there are three parties left in the running to buy the Padres:

  • Gary Jabara, the founder of a Newport Beach wireless communications company;
  • Steve Kaplan, principal at Oaktree Capital in Los Angeles; and
  • Peter O’Malley, former owner of the Dodgers.

More so than the owners’ identities, however, I am interested in the reported sales price: $800 million. Arte Moreno bought the Angels for $180 million ten years ago. The Cubs more recently sold for around $800 million.  Now the Padres, a less-successful franchise with a smaller fan base in a smaller town than either of those two teams is about to be sold for that amount the Cubs went for.

The mind kind of reels, no?

  1. dkchi - Jun 14, 2012 at 4:10 PM

    Fit what description?

    • Craig Calcaterra - Jun 14, 2012 at 4:16 PM

      Brain fart. I was shifting sentences around before I hit post and forgot to shift one.

  2. 18thstreet - Jun 14, 2012 at 4:14 PM

    Someone want to chime in about how the players are overpaid?

    • 18thstreet - Jun 14, 2012 at 4:23 PM

      http://www.baseballprospectus.com/compensation/cots/?page_id=138 “Owner John Moores purchased the Padres for $94M in 1995.” Anyone else turn a 850 percent profit in that time?

    • 18thstreet - Jun 14, 2012 at 4:36 PM

      Of course, since the ballpark opened, they’re MUCH more competitive: one playoff win over these nine years, compared to seven playoff wins (and a World Series appearance) in the nine years before that. Remember kids: publicly financed stadiums are a complete scam designed ONLY to make team owners wealthier. There are no other benefits. None.

  3. willsolo - Jun 14, 2012 at 4:15 PM

    I want to chime in that hopefully they don’t mess it up again this time. MLB needs to due their due diligence on these owners so we don’t end up with more Frank McCourts.

  4. scapistron - Jun 14, 2012 at 4:24 PM

    Anyone know how much Moorad was supposed to purchase the Padres for?

    • gloccamorra - Jun 14, 2012 at 4:38 PM

      Moorad was to pay $293 million plus assume $220 million in debt.

      That’s the thing about the $800 million price – it includes over $200 million in debt, so it’s “only” $600 million cash.

      • ptfu - Jun 14, 2012 at 5:02 PM

        “Only” $600M for the Padres??? Oh Doctor! You can hang a star on that baby!

  5. redguy12588 - Jun 14, 2012 at 4:36 PM

    FOR THE LOVE OF GOD BOB NUTTING! SELL THE PIRATES!

  6. bloodysock - Jun 14, 2012 at 4:54 PM

    Forbes had an article a year ago where their analysis indicated that the Padres were the most profitable team in baseball.

    “The most profitable team was the Padres, which had an operating income of $37 million in 2010. The team’s attendance surged by 200,000 at Petco Park as the Padres finished just two games behind the San Francisco Giants in the National League West. The Padres managed to post a 90-72 record despite a payroll of just $38 million, which was the lowest in baseball. The Padres also benefited from a revenue-sharing check of more than $30 million.”

    • 18thstreet - Jun 14, 2012 at 5:09 PM

      Amazing that the 17th largest metro area is considered a small market, isn’t it?

      http://en.wikipedia.org/wiki/Table_of_United_States_Metropolitan_Statistical_Areas

  7. icanspeel - Jun 14, 2012 at 5:03 PM

    What isn’t mentioned is 200 million of the 800 million is for the 20% stake the Padres have in their TV deal, so really the team is selling for around 600 mill + TV stakes.

    • jwbiii - Jun 14, 2012 at 5:13 PM

      So Fox Sports San Diego is worth $1B?

  8. trybe29dr - Jun 14, 2012 at 5:21 PM

    Owning a team is such a money maker that business men are willing to overpay for the Padres

  9. WhenMattStairsIsKing - Jun 14, 2012 at 6:12 PM

    Let’s buy the team guys. I have $20 I can throw in.

    • jlovenotjlo - Jun 14, 2012 at 6:42 PM

      Count me in. I’ll throw in my 2005 Crown Victoria, which comes with a cup holder half full of change and 3/4 of a tank of gas.

  10. proudlycanadian - Jun 14, 2012 at 6:39 PM

    The Proudly Canadian funny money consortium is also in the running. So far, we have collected 2 loonies, a vast collection of $3 bills, plugged nickels, bad checks, dandruff from the Donald’s toupee, $5 in uncashed poker chips, expired food coupons from numerous products, a replica Brett Lawrie batting helmet, a replica George Brett pine tar bat, and dried saliva alleged to have been used by Gaylord Perry. Contribution are greatly appreciated.

  11. ndnut - Jun 14, 2012 at 7:57 PM

    If we could actually get the team I would throw in my entire life savings. But we won’t come anywhere close so I’ll chip in the 2nd generation iPod Touch I am typing this on.

    • proudlycanadian - Jun 14, 2012 at 8:06 PM

      Every little bit helps. Got any old baseball cards? I would have tossed in my Frank Thomas 500th HR figurine, but I cant find it.

  12. brewcitybummer - Jun 14, 2012 at 10:09 PM

    I can contribute 2000 so long as i can write off 20,000 in student loans as a business expense. Frank MCourt would approve.

  13. ndnut - Jun 14, 2012 at 10:16 PM

    We don’t have the base of commentors to do it, even if we wanted to. Ask all the writers and commentors on all the NBCSports blogs and you might have a shot assuming everyone donated an average of a couple hundred bucks.

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