MLB Padre’s CEO Sells USD 21m Stake in League Rivals
March 16, 2011
Jeff Moorad, doctor chief executive of Major League Baseball (MLB) franchise San Diego Padres, has sold his US$21m stake in the team’s National League West rivals the Arizona Diamondbacks.
Moorad has transferred his minority share, believed to be around 8 per cent of the franchise, back into the hands of the team’s current partnership headed by managing general partner, Ken Kendrick.
Moorad has since confirmed to MLB.com that the deal is complete however, it wouldn’t necessarily accelerate his group’s takeover of the Padres. The Jeff Moorad Group currently own 49 per cent of the Petco Park-based franchise and have until March 2014 to complete the purchase from majority owner John Moores. Any deal will not be completed before the beginning of the 2011 season according to Moorad, though he added that he was considering buying Moores out early.
Regarding his potential takeover of the Padres, Moorad said: “We may very well accelerate it, but we’ve made no decision on when that will be.”
Moorad resigned as Diamondbacks chief executive in January 2009, enabling his group to pay US$100 million dollars for an initial 35 per cent stake in the Padres in March of that year. As per the contract signed, this investment increased to 49 per cent prior to the start of the 2010 MLB season. At the time of the initial transaction, the Padres were valued at US$530 million including debt.