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Monday, January 16, 2012

TSN: Padres sale held up by questions about limited partners

Here we go again:

Major League Baseball has been embarrassed in recent years by financial debacles surrounding the ownership of the Los Angeles Dodgers and New York Mets. And baseball is determined to avoid being burned again, Forbes.com reports.

That’s the real reason owners tabled approval of the sale of the San Diego Padres to Jeff Moorad at last week’s owners meetings, the report says. Commissioner Bud Selig is not convinced of the net worth of Moorad’s limited partners and is putting them “under a microscope,” Forbes reports.

Mike Emeigh Posted: January 16, 2012 at 11:49 AM | 9 comment(s) Login to Bookmark
  Tags: business, padres

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   1. RoyalsRetro (AG#1F) Posted: January 16, 2012 at 12:09 PM (#4037975)
Selig’s decision to pull the sale from Thursday’s agenda upset Moores so much that he was the only one of the 30 owners to vote against Selig’s two-year contract extension.


I don't think that's going to help much.
   2. Walt Davis Posted: January 16, 2012 at 12:50 PM (#4038039)
What? I thought this sale went down a couple years ago. Who owns the team? And if Moorad doesn't own it, how does he get to vote against Selig.
   3. Edgar James Olmos (chris h.) Posted: January 16, 2012 at 01:29 PM (#4038109)
I think Moorad's group is majority owner, but another owner owns the rest. I think this deal is about Moorad's group taking complete control.
   4. RoyalsRetro (AG#1F) Posted: January 16, 2012 at 01:38 PM (#4038118)
From TFA, Moorad owns 49% now, and he and his group is trying to own 100%.
   5. yb125 Posted: January 16, 2012 at 03:13 PM (#4038187)
Oh shoot, when I first saw this I was both sad and excited. Excited because I thought Moorad was selling the team, but sad that my interest in the Pads has waned so much that I didn't even know a sell was going down. Oh well if baseball is really looking at theses things closer that's a positive.
   6. Bhaakon Posted: January 16, 2012 at 05:55 PM (#4038294)
Oh well if baseball is really looking at theses things closer that's a positive.


Yeah, but was he really doing that badly before? It would have taken some serious due diligence to uncover the Madoff scheme before hand, and, while the McCourts are a certainly shady, they'd still be owning the Dodgers with no obvious issues if it weren't for the divorce. There are some filthy stinking rich baseball owners, but not many who can buy a former spouse out of their $1B+ baseball team (as I recall, the Padres were sold to Moorad for the same reason, just not such a public and ugly manner).
   7. shoewizard Posted: January 16, 2012 at 07:01 PM (#4038324)
And if Moorad doesn't own it, how does he get to vote against Selig.


He didn't. It was Moores who voted.

Does anyone else think Moores may be wearing a toupe ?
   8. karkface killah Posted: January 16, 2012 at 09:53 PM (#4038388)
Fantastic hair piece. Plumage AND aggression.
   9. valuearbitrageur Posted: January 17, 2012 at 10:42 AM (#4038552)
Commissioner Bud Selig is not convinced of the net worth of Moorad’s limited partners and is putting them “under a microscope,” Forbes reports.


I think the fact Jeffrey listed Eric Byrnes as contributing $30M in equity in return for a 3 year IOU was Selig's tip-off.

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