The San Diego Padres hired investment bankers Allen & Co. and Moag & Co. to help sell the Major League Baseball team after a deal with Jeff Moorad failed.
“Three years ago, I made the difficult decision to sell the club, and I didn’t expect to have to make that same decision again,” owner John Moores said yesterday on the team’s website.
Vice Chairman Moorad, who owns 49 percent of the club, withdrew his application to purchase the team in March when it appeared he wouldn’t get approval from baseball owners.
Instead, Moorad concentrated on working out the Padres’ television deal with Fox Entertainment Group Inc., which is said to be worth $1 billion over 20 years, according to the Associated Press.
When Moorad offered to buy the team in 2009, the deal was valued at $530 million. Moores paid about $80 million for the Padres. The Los Angeles Dodgers were sold last month for $2.3 billion.
“The Dodgers sale and the improved media market are going to have a lifting effect on the value of the Padres,” Moores said. “Exactly how it shapes out beats me, but it’s got to be a plus.”
Moores, 67, hired Steve Greenberg of Allen & Co. and John Moag of Moag & Co. to work with prospective buyers. They advised him that the process could take a number of months.
Moores became chairman of the Padres on Dec. 21, 1994. The team subsequently won the National League West Division championship in 1996, 1998, 2005 and 2006. San Diego won its second National League pennant in 1998.
“I have been honored to own the San Diego Padres and have enjoyed the experience tremendously,” said Moores.
To contact the reporter on this story: Nancy Kercheval in Washington at firstname.lastname@example.org
To contact the editor responsible for this story: Michael Sillup at email@example.com