Explaining Southern California's economy

What's the holdup on the San Diego Padres sale?

Gatorade All-Star Workout Day

Jonathan Daniel/Getty Images

National League All-Star Huston Street of the San Diego Padres looks on during the Gatorade All-Star Workout Day at Kauffman Stadium. Why is it taking so long to sell his team?

The simple answer is: It's complicated.

You can't just sell a Major League Baseball franchise for $800 million (the widely reported sale price, about $400 million more than what Forbes says the team is worth) and expect negotiations to go off seamlessly. So reports that the Padres were going to be sold by the All-Star break have now turned out to be exaggerated, even though the O'Malley family and their investors have been in an "exclusive" negotiating period with John Moores, the Padres' current majority owner.

That negotiating period has been extended by what the Chicago Tribune said on July 8 would be another 10 days. The O'Malley Group is still the only bidder, and based on his recent public comments, it sounds like MLB Commissioner Bud Selig has given the deal his blessing.

"Bud Selig doesn't take that kind of position if he hasn't already counted the votes," said David Carter, a professor of sports business at the USC Marshall School of Business and the Executive Director of the USC Sport Business Institute.