SAN DIEGO — In a move that could prop up the team’s sagging on-field fortunes, former agent Jeff Moorad reached an agreement Tuesday for his group to buy the San Diego Padres from majority owner John Moores.
Moorad, who resigned last month as chief executive officer of the Arizona Diamondbacks, and his group will acquire 100 percent ownership during a period of up to five years, subject to approval by baseball owners.
Moorad heads what he has called a “small but significant” group of investors that has had an exclusive right to negotiate with Moores since early January. Moorad hasn’t identified any of his partners.
“The deal with Jeff has been signed,” Moores said in an e-mail to The Associated Press. “I will remain involved with the club for the next few years — but I absolutely dread thinking about the last day. Life goes on.”
He said he would leave it up to Moorad to explain why Moores will remain involved with the club.
On the day he resigned from the Diamondbacks to pursue the purchase, Moorad called the Padres “a jewel of a franchise.”
The sale, precipitated by Moores’ difficult divorce from his wife, Becky, is expected to close by opening day, and Moorad would become CEO, according to the Padres. That could mean the end of Sandy Alderson’s tenure as CEO with the club, which lost 99 games last year, its worst finish in 15 years.
The Padres had been in an all-out salary dump due to Moores’ divorce, with an order from the owner to trim the player payroll to $40 million for 2009. The Padres had been eager to move ace Jake Peavy and the $63 million he’ll be owed the next four seasons, but hadn’t come up a deal.
“As a lifelong baseball fan and a native Californian, I know that with this privilege comes the responsibility to field a consistently-winning team with an absolute goal of winning a World Series championship,” Moorad said in a statement released by the club. “I also know that we have a responsibility to our fans, as they are the spirit and heart of the Padres, and I look forward to providing an affordable, rewarding fan experience for all.”
Moorad was scheduled to hold a conference call with reporters later Tuesday.
John Moores, who made a fortune in computer software, bought a controlling stake in the Padres for approximately $80 million in 1994 from a 15-member group headed by TV producer Tom Werner. Werner later became co-owner of the Boston Red Sox.
Under Moores’ ownership group, the Padres won four NL West titles and reached the 1998 World Series before being swept by the New York Yankees.
Two weeks after that World Series, voters overwhelmingly approved the construction of Petco Park. But several lawsuits and a yearlong federal investigation into Moores’ dealings with a former city councilwoman delayed the downtown ballpark, which opened in 2004. The Padres had losing seasons from 1999-2003, then won the NL West in 2005-06. They were one win away from a third straight playoff appearance in 2007 but lost a wild-card tiebreaker at Colorado in 13 innings.
Moorad grew up in Modesto, Calif., and graduated from UCLA in 1978 before getting his law degree at Villanova. He and his family lived in Newport Beach, Calif., for more than 20 years and still have a home there.
Moorad was a formidable agent who represented several major sports figures, including baseball’s Manny Ramirez and Eric Karros, before he purchased a share of the Diamondbacks in 2004. His connection as an agent concerned other owners, so Ken Kendrick continued to serve as managing partner, representing the team in league ownership issues.
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