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Phil Mickelson opts against joining Padres ownership group

Dec 19, 2012, 8:48 AM EDT

Phil Mickelson Getty Getty Images

Two months ago pro golfer and San Diego native Phil Mickelson was reportedly on the verge of joining the Padres’ new ownership group as a minority partner, speaking publicly about the situation as if it was all but a done deal, but now he’s apparently decided against it.

“I think to be involved with the Padres you have to be fully committed to the long term,” Mickelson said, via Tod Leonard of the San Diego Union Tribune. “I’ve been born and raised here, but at this moment I’m not able to make that kind of long-term commitment to the city and to the team.”

Mickelson described himself as “really excited” to join the ownership group as recently as October 15, saying that “we understand each other’s concerns and work well together.”

At that time the final minority ownership spot was being held for him as part of an $800 million sale. It’s unclear what changed between then and now, as Mickelson avoided getting into specifics yesterday when addressing the situation.

  1. Old Gator - Dec 19, 2012 at 8:52 AM

    We go ten and a half hours between posts here, and the first new thread of the morning is a golf story?

    • senioreditor2 - Dec 19, 2012 at 11:53 AM

      and…..back to back Padre stories, and I live in San Diego!

  2. sbmcintosh36 - Dec 19, 2012 at 9:14 AM

    Exactly how much time and effort does it take to be a very minority owner??
    Sounds more like someone has some cash flow problems, I’m sure he’s not broke by any means just didn’t have the liquid cash available and the cost to sell off assets to do this with long-term return were not in his best interest.

    • senioreditor2 - Dec 19, 2012 at 10:02 AM

      Maybe he realized that overpaying for the Padres wasn’t a good investment?

  3. xpensivewinos - Dec 19, 2012 at 10:27 AM

    He obviously had a change of heart after getting a closer look at things. Says a lot about their new owners and the schmuck running the team that the home town guy wanted nothing to do with them.

    Guess he wasn’t as convinced that Chris Denorfia can lead the Padres to a World Series title.

  4. shawnuel - Dec 19, 2012 at 11:22 AM

    Do you know the difference between Phil Mickelson and his wife, Amy? With Amy, the boobs are fake but the smile is real.

    • ray1950 - Dec 19, 2012 at 11:31 AM

      You are a MORON

  5. APBA Guy - Dec 19, 2012 at 12:29 PM

    Minority ownership is not glamorous. The reality is upfront cash, then you’re on the hook for cash calls at unpredictable intervals at the behest of the managing partner. You may or may not get preferred seating, access to players, etc.. If you don’t make the cash call you can get bought out on the spot by the other partners, and you lose any potential gains. So guys who do minority ownership are usually “faces” of the franchise-like Magic- or are going to run the club-like George Bush Jr or Billy Beane-those guys would not necessarily be required to either front cash or put up additional cash. The other class of minority owners are pure investors looking to realize big percentage gains when the club is sold.

    Phil probably has enough cash from endorsements to handle the requirements, based on his percentage of ownership, but in his overall portfolio it might not make sense if it were too big a percentage of his investment capital.

  6. boltbacker - Dec 19, 2012 at 2:36 PM

    Maybe he noticed that the new owners haven’t done anything of merit yet. “Long term” is his way of saying that the new owners are years away from having enough money to raise the payroll to a competitive level.

  7. timpaz - Dec 19, 2012 at 4:22 PM

    probably a smart financial move on his part.

  8. badintent - Dec 20, 2012 at 12:23 AM

    Fairbanks Ranch is a long drive to downtown SD. Not worth it to see the Padre shand it in every night.

  9. rayfeathers - Dec 20, 2012 at 12:26 AM

    maybe he looked at their line-up. who wants to be associated with that disaster?

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