San Diego majority owner John Moores said Tuesday that the ownership group is moving ahead with plans to sell the franchise.
The Padres announced that Steve Greenberg of Allen & Company and John Moag of Moag & Company have been retained to advise Moores on the sale of the club and finding prospective buyers.
Greenberg and Moag have informed the club that the process could take a number of months, possibly up to a year. But Greenberg sounded optimistic Tuesday that a buyer will be found and possibly quickly…..
Moores’ intention to sell the Padres comes at an opportune time. He told MLB.com last week that Major League Baseball approved a 20-year, $1.2 billion deal with FOX to establish a regional sports network in San Diego County with a $200 million up-front bonus.
Moores’ 20 percent stake in the television deal, which has yet to be official announced, will be included in the purchase of the team.
Moores refused to estimate the current value of the franchise in the aftermath of Dodgers owner Frank McCourt’s sale of his club and its stadium to a group headed by Mark Walter, chief executive of Guggenheim Partners, longtime sports executive Stan Kasten and Magic Johnson for $2.15 billion.
“I noticed that for sure,” Moores said. “Clearly the Dodgers sale and the current media market will have a lifting effect on the value of the club.”
Moores said he wouldn’t be surprised if someone in the limited partnership group, which his headed by local businessman Ron Fowler, made a run at purchasing the team. Moores met with Fowler on Opening Day, April 5, at Petco Park. The limited partners own 49 percent of the team.
” cols=“100” rows=“20”>
The sale will not include the lovely rug that rests on his head.
San Diego majority owner John Moores said Tuesday that the ownership group is moving ahead with plans to sell the franchise.
The Padres announced that Steve Greenberg of Allen & Company and John Moag of Moag & Company have been retained to advise Moores on the sale of the club and finding prospective buyers.
Greenberg and Moag have informed the club that the process could take a number of months, possibly up to a year. But Greenberg sounded optimistic Tuesday that a buyer will be found and possibly quickly…..
Moores’ intention to sell the Padres comes at an opportune time. He told MLB.com last week that Major League Baseball approved a 20-year, $1.2 billion deal with FOX to establish a regional sports network in San Diego County with a $200 million up-front bonus.
Moores’ 20 percent stake in the television deal, which has yet to be official announced, will be included in the purchase of the team.
Moores refused to estimate the current value of the franchise in the aftermath of Dodgers owner Frank McCourt’s sale of his club and its stadium to a group headed by Mark Walter, chief executive of Guggenheim Partners, longtime sports executive Stan Kasten and Magic Johnson for $2.15 billion.
“I noticed that for sure,” Moores said. “Clearly the Dodgers sale and the current media market will have a lifting effect on the value of the club.”
Moores said he wouldn’t be surprised if someone in the limited partnership group, which his headed by local businessman Ron Fowler, made a run at purchasing the team. Moores met with Fowler on Opening Day, April 5, at Petco Park. The limited partners own 49 percent of the team.
Reader Comments and Retorts
Go to end of page
Statements posted here are those of our readers and do not represent the BaseballThinkFactory. Names are provided by the poster and are not verified. We ask that posters follow our submission policy. Please report any inappropriate comments.
1. asinwreck Posted: April 11, 2012 at 11:20 AM (#4103814)1) Moores is now indicating that the Fox TV $ will be about $60M/year over 20 years ($200M up front). The reporter for USA Today a few weeks ago said he saw paperwork showing it was around $75M/yr. The Padres front office at that time was quick to denounce this and stated that at most, it will be about $25M/yr. Of course they don't want the public to know that the amount is considerably higher than that - they don't want people to know how much is being pocketed.
2) I've heard revenue-sharing figures of anywhere from $15M - $45M per year. I have no idea what the real deal is on that. But I can tell you this - the Padres revenue stream is likely going to be over $100M per year between TV, revenue sharing, ticket sales, concessions, etc. But they are not going to boost the team payroll much. The bulk of the revenue windfall is going to end up in the owners' pockets, no matter who the owner winds up being.
You must be Registered and Logged In to post comments.
<< Back to main