SBD/August 7, 2012/Franchises

O'Malley Group Buys Padres For $800M; Purchase Includes Stake In Fox Sports SD

O'Malley's group will get $200M in upfront money from Fox Sports San Diego
The O’Malley group has purchased the Padres from Owner John Moores for “approximately $800 million,” which “includes $200 million in upfront money the Padres received as an advance payment from Fox Sports San Diego as part of a new 20-year television agreement,” according a front-page piece by Bill Center of the SAN DIEGO UNION-TRIBUNE. Approval could come “as soon as Aug. 16 when the owners meet in Denver.” The O’Malley group is "led by former Dodgers Owner Peter O’Malley, his sons Kevin and Brian, his nephews Peter and Tom Seidler," golfer Phil Mickelson and Liquid Investments CEO Ron Fowler, as well as a small group of other members of former team Owner Jeff Moorad’s group. Kevin and Brian O’Malley and the Seidlers are “expected to become ‘hands-on’ owners while assuming many of the club’s business, operational and community leadership roles.” Padres CEO Tom Garfinkel and GM Josh Byrnes "will remain" in their positions. No “immediate changes are known on the baseball end of the operation.” Moores put the Padres back on the market in April after Moorad’s bid to purchase the team “collapsed under the apparent reluctance of MLB to approve his purchase.” While six groups and individuals originally “stepped forward," the O’Malley group was the “only potential buyer negotiating with Moores over the past two months.” The O’Malley group will own 100% of the Padres, including Petco Park "and the debt still owed on the downtown ballpark” (SAN DIEGO UNION-TRIBUNE, 8/7). Moores said that the sale includes "a 21 percent stake" in FS San Diego. Moores: “This brings a long baseball blood line to San Diego. I couldn’t be more pleased. I feel like I’m handing over the club to the right people” (MLB.com, 8/6).

GOODWILL AMBASSADORS
: In San Diego, Acee & Rowe write, “None of the four cousins have yet held prominent positions in professional sports." However, their "pedigree may buy them some goodwill and provide insight into the family business.” Observers predict Kevin O’Malley and Tom Seidler “will move to San Diego to lead the team’s day-to-day operations.” A source said that “this duo possesses many of the same traits that allowed previous O’Malleys to thrive in baseball” (SAN DIEGO UNION-TRIBUNE, 8/7). Padres manager Bud Black said, “It’s been much anticipated; I think it’s great. What we’ve heard of the group is all positive. I look for a smooth transition” (NORTH COUNTY TIMES, 8/7).

OPEN ARMS
: In San Diego, Kevin Acee writes, “Hallelujah. Welcome, O’Malleys and Seidlers. The mere mention of your family name fills us with hope. Now get to it.” Acee: "Tell us and show us you have the ways and means and desire” (SAN DIEGO UNION-TRIBUNE, 8/7).
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Franchises, MLB, San Diego Padres

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