Mike Madriaga 12:40 p.m., May 25
Baseball Owners Wonder If Moorad Partners Have the Money
Columnist Mike Ozanian of Forbes Magazine says today (Jan. 16) that "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 he has been told by sources that league commissioner Bud Selig put the deal on hold because has been burned by financial debacles of the Los Angeles Dodgers and New York Mets. So the league "is putting Moorad's partners under a microscope."
Says Ozanian, "The Padres would have lost a lot of money last season if it were not for the money the team got from the league's revenue-sharing system and the team's low payroll." The Padres may soon get a fatter TV deal from Fox, but "[the league]wants to make sure that Moorad's group has the money to field a competitive team without relying on the high-revenue teams." The league is eyeing $200 million of debt that the Padres carry.
More like this:
- Backroom Politics of Baseball Ownership — March 23, 2012
- Okay, Now Jeff Moorad Steps Down As CEO — March 22, 2012
- One More Game — March 3, 2012
- Will the Real Owner of the Padres Please Stand Up? — March 1, 2012
- Jeff Moorad, Former Players' Agent, Says He Has Reached Agreement in Principle to Purchase Padres — Jan. 2, 2009