Looks like the Padres will have a new owner, Jeff Moorad. The worst news of the day is that Moorad will take over as CEO for Sandy Alderson in the next few months.
We’ve made our confidence in Alderson well known, and I have yet to learn any reason why Moorad is qualified to evaluate talent, or what his team building philosophy may be. Though we have heard about his preference for building through the draft, which is a great start, but it isn’t much of a philosophy in itself. Of course, there’s no guarantee he will be the one evaluating players or setting the philosophy, but it sure looks like a possibility.
Moores said that under terms of the deal, Moorad and his partnership will have as long as three years to buy out the controlling interest. Until then, Moores will remain the Padres’ control person, representing the club at owners’ meetings and sitting on numerous committees.
Moores said the sale value of the club, determined through a series of closings, will ultimately be more than $500 million, including debt. That means Moorad still must come up with about $165 million to close this part of the deal. Last year, Forbes Magazine valued the Padres at $385 million, 19th among the 30 Major League teams.
As far as the Padres are concerned, Moores said he’s invested $100 million in the team over the course of 14 years and has a sizeable debt service tied to the construction of PETCO Park, at a cost of $454 million.