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Chase Headley of the San Diego Padres dives for a ground ball against the Arizona Diamondbacks. The Padres have officially changed hands, for $800 million.
It’s official — the San Diego Padres have changed hands, in a deal that ranks as the third largest in the history of Major League Baseball. MLB's owners approved the sale today.
The Padres weren’t sold in time for the All-Star Game, but for previous owner John Moores, the wait was probably worth it. MLB said "Yea" to an $800 million deal. Only the Chicago Cubs and the Dodgers sold for more, at $845 million and — when the parking lot side deal was added in — $2.3 billion, respectively.
Speaking of the Dodgers, there’s some of their DNA in the new ownership group. One-time Dodgers owners Peter O’Malley’s sons Kevin and Brian have joined pro golfer Phil Mickelson and San Diego businessman Ron Fowler to form the Padres new ownership group. Two of O’Malley’s nephews are also in on the deal. Fowler, interestingly, was also involved with a minority ownership group run by former Padres CEO Jeff Moorad.
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Starting pitcher Anthony Bass of the San Diego Padres. The team was just sold to a new ownership group for $800 million.
Pretty much as expected, the San Diego Padres sale to heirs of former Dodgers owner Peter O'Malley — plus pro golfer Phil Mickelson and, according to the San Diego U-T, Ron Fowler — has gone through for $800 million. Padres owner John Moores and minority owner Jeff Moorad sealed the deal tonight.
As has been widely reported prior to the deal closing, $200 million of the $800 million is part of the payment that the Padres received when they recently did a 20-year, $1.4-billion broadcast deal with Fox Sports. Fowler, a San Diego businessman, had said that he wasn't front-and-center in the new investor group, but it appears that he has stepped away from the minority ownership group and is now assuming a role with the new owners.
Major League Baseball's owners still have to vote on the deal. They could do this on August 16. But the vote will likely be a formality, given that MLB Commissioner Bud Selig has effectively given his blessing to the new ownership group. As David Carter, professor of sports business at the USC Marshall School of Business and the Executive Director of the USC Sport Business Institute, explained to me when we talked about the deal in early July:
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Starting pitcher Anthony Bass of the San Diego Padres delivers against the Colorado Rockies. The Padres are for sale, and business leader Ron Fowler says that contrary to reports, he isn't the main money man.
The U-T follows up a CBS Sports report from this week that brewing magnate is one of the key investors in a potential purchase of the San Diego Padres by Peter O'Malley, his family members, and a group that inlcudes pro golfer and San Diego native Phil Mickelson.
Here's Bill Center:
...San Diego businessman Ron Fowler denied a report that he is "fronting" the O’Malley group for the purchase of the team.