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FOR PADRES, MOORES IS BETTER
Published September 26, 1994
Software millionaire John Moores has "agreed in principle" to buy the Padres, according to a source familiar with the negotiations. "But the final transaction may not occur for weeks or months because of baseball's uncertain future." The source indicated that dollar figures are "being attached to each contingency" of baseball's uncertain future: whether there will be revenue-sharing, if the antitrust exemption is lifted, if the '95 season will start on time, or if other MLB owners wait until a new labor agreement is signed before approving the sale. In any event, the current Padres ownership is expected to receive less than the $75M they paid for the team in '90. To be determined is how much of the team's '94 debt will assumed by Moores. One Padres insider said the team is expected to lose $11M. Moores has been silent since his name has been floated as a potential suitor, "perhaps in deference to Padres owners, who were angered by the public posturing of previous suitor Norton Herrick." Herrick now heads the ownership group for Orlando's expansion bid. Former Orioles President Larry Lucchino is expected to oversee baseball operations for Moores, receiving equity in the team for his effort (Buster Olney, San Diego UNION- TRIBUNE, 9/24).