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Closing Bell

MLB Owners' Vote On Padres Sale To Moorad Group Delayed

MLB today tabled an expected vote to transfer control of the Padres to a group led by current CEO Jeff Moorad. Both Moorad and MLB Commissioner Bud Selig said the delay is due to "technical issues" around the deal's finances and should be resolved within the next 90 days. Moorad said he hopes to get league approval of both the franchise purchase and a new TV deal with FSN within that timeframe. Moorad is ahead of schedule in a multiyear plan to purchase the Padres from John Moores, and Moorad acknowledged "the rush to finish the deal" contributed to the unresolved technical issues.

Selig as expected received a two-year contract extension that will keep him in office through '14. Selig said he was moved by the "sincerity" and "intensity" of recent owner overtures to defer much-discussed teaching and retirement plans. "I meant what I said before" about retiring at the end of this year and teaching, Selig said. "It turns out, my wife [Sue] was right. But to do this, and being asked to stay, there is no higher honor." Selig said during the extension there will be a formalized process to identify his eventual successor, but he offered no details on how that will take shape.

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