SBD/March 14, 2011/Franchises

Jeff Moorad Completes Sale Of D'Backs Stake For $21M

Moorad's group controls 49% of Padres, still owes about $145M for team
MLB Commissioner Bud Selig on Saturday said that the sale of Padres Vice Chair & CEO Jeff Moorad's general partnership in the D'Backs "has been completed," according to Barry Bloom of MLB.com. A source said that Moorad's approximate 8% of the franchise was "sold for $21 million." The share was "absorbed by the current" D'Backs partnership headed by Managing General Partner Ken Kendrick. Selig said, "That's been completed. Fortunately, that's another issue I don't have to worry about." Moorad and the D'Backs "had been at odds about the value of his former share for two years, and the matter was turned over to the Commissioner's Office." The two sides "independently came to agreement just prior to the opening of Spring Training." Selig said that Padres VP/Baseball Operations Josh Byrnes "must also divest himself" of his D'Backs share. Byrnes, who was "dismissed as Arizona's general manager last season," owns a "very small percentage of the franchise." Selig said, "That's a situation that does need to be settled and I'm sure it will be" (MLB.com, 3/12). In San Diego, Bill Center noted Moorad's group "controls 49 percent of the Padres and still owes" Chair John Moores "approximately $145 million." But Moorad yesterday said that his group "doesn't have to make another partial payment until the full amount is due on the fifth anniversary of the sale in 2014, although the sale could be completed ahead of the deadline." Moores is "rumored to be interested in purchasing the Houston Astros, but can't act on that deal until he is no longer the majority owner of the Padres" (SAN DIEGO UNION-TRIBUNE, 3/14).  
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