John Moores selling the San Diego Padres as part of divorce settlement

by Dex on Oct 9, 2008 12:34 PM PDT Comment 36 comments

This is crrrraaaazzzzy!!! The Padres are for sale!!!

According to sources, Padres owner John Moores is going to sell 49 percent of the team as part of a divorce settlement with his wife Becky.

I think we all figured it was going to happen, but it still comes as a shock. I'm superduper psyched for when Becky owns half and somebody like Mark Cuban owns half. It'll be like some kind of crazy romantic comedy with Becky wanting to hire sexy ballplayers and Cuban wanting to do ridiculous stunts for the media.

Quick! How much you guys got on you? If we pool our resources, we'll be able to own a Brian Giles butt cheek!

Dang, yo.

So many questions... Is Moores being forced to split the asset? Why wasn't the whole thing sold and then split? Is this a way of making it harder on Becky? Who will the new Padres owners be? What if Alex Rodriguez buys the team? Does that mean A-Rod will play short or third? How many Gaslamp Ball t-shirts would we have to sell to get a share? Will they go public? Wouldn't it be cool to have a share of the Padres hanging on your office wall?

[Note by Dex, 10/09/08 3:53 PM EDT ] Drama digs up the following:

John Moores bought 80 percent of the Padres in 1994 for a reported $80 million. His net worth has been estimated in recent years by Forbes magazine at about $750 million. The magazine projected the value of the Padres at more than $360 million.

The Forbes valuations have always been suspect in my mind. It will be interesting to see how the valuation stacks up to what somebody's willing to pay for 49% of the asset. I'm not sure how Moores' 80% splits down to 49%. By the math I just did in my head, that'll leave Moores with 31% of the team and additional cash in the neighborhood of $180 million.

[Note by Dex, 10/09/08 4:14 PM EDT ] So what happened to this?

For those who may be wondering, John Moores intends to maintain his principal ownership of the Padres into "the foreseeable future" and have a significant impact on any sweeping changes that may be made to the club in the offseason.

Does 31% count as "principal ownership"? Is "the foreseeable future" about 3 weeks?

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Double you

tee eff

by TJB on Oct 9, 2008 12:41 PM PDT reply actions 0 recs

I know!

When I read it, the letters OMGWTF appeared on my forehead.

by Dex on Oct 9, 2008 12:52 PM PDT up reply actions 0 recs

Ownership...

I know that Phantom and WG both have wives that make crazy money…don’t be surprised if we see those guys in the owner’s box real soon.

by Drama on Oct 9, 2008 1:19 PM PDT reply actions 0 recs

I thought they were both married to you

OMGWTF! Drama’s rich!!!

by Dex on Oct 9, 2008 1:20 PM PDT up reply actions 0 recs

We're putting our offer together as we speak

In my first act as 49% owner, I’m going to create a section solely for GLB members. The seats will be painted the colors of the rainbow and the seat attendants will be dressed like unicorns. And the unicorns will put the whole lime in the bottle and make your jalapeno handshakes for you.

I know what the people want.

by Winfield's Ghost on Oct 9, 2008 1:26 PM PDT up reply actions 0 recs

Your first act wouldn't be to fire Harry?

Also, do club members get our own section with satin seat covers?

People the world over have always been more impressed by the power of our example than by the example of our power.

by sdsuaztec4 on Oct 9, 2008 1:53 PM PDT up reply actions 0 recs

Would fire Harry and hire the design team in same meeting

And, yes, club members will have their own section with satin seat covers. Your initials will be monogrammed on them.

by Winfield's Ghost on Oct 9, 2008 2:07 PM PDT up reply actions 0 recs

Own section?

With satin seat covers? Monogrammed?

Dammit. Now I feel bad about that Winfield crack yesterday. I’ll talk Brad into using another jersey number.

by Drama on Oct 9, 2008 2:18 PM PDT up reply actions 0 recs

The Executive Council already voted you out at the emergency session

TGH made a half-hearted plea on your behalf, but then gave up and said “Who am I kidding? He’s out.”

I don’t wanna say you can’t get back in, but the odds are steep…

by Winfield's Ghost on Oct 9, 2008 2:49 PM PDT up reply actions 0 recs

I think I like purple satin

with yellow letters. Need to add the color matter to the schedule for the next meeting.

People the world over have always been more impressed by the power of our example than by the example of our power.

by sdsuaztec4 on Oct 9, 2008 3:18 PM PDT up reply actions 0 recs

Laker lover.

www.PadsAndEnds.blogspot.com
"jbox does not drink coffee, as it makes him clean house big time." ~Kev

by TheThirdGonzalez on Oct 9, 2008 8:28 PM PDT up reply actions 0 recs

Dude

They picked up former Aztec and MWC all time points leader Brandon HEEAAAAAAAAAAAAATHHHHHHHH

People the world over have always been more impressed by the power of our example than by the example of our power.

by sdsuaztec4 on Oct 9, 2008 9:07 PM PDT up reply actions 0 recs

On the phone with the wife

as I write this.

Seriously though, this makes me very nervous. A sweeping change like this could really be the beginning of a rough couple of weeks.

by Phantom on Oct 9, 2008 1:56 PM PDT up reply actions 0 recs

I mean years

not weeks.

by Phantom on Oct 9, 2008 1:57 PM PDT up reply actions 0 recs

I gots some monies

About 7 years ago I got a winfall and put all my money in Lehman Bro and AIG stock. I am sure its grown to 350M by now……….

"I feel sorry for people who don't drink. When they wake up in the morning, that's as good as they're going to feel all day. " ~Frank Sinatra

by Sammy G on Oct 9, 2008 3:00 PM PDT up reply actions 0 recs

Well, I've got to say

It’s a good thing he built up the team’s value this year by fielding such an awesome product.

If you can't learn to do something well, learn to enjoy doing it poorly

by Boilermaker19 on Oct 9, 2008 1:28 PM PDT reply actions 0 recs

Jumping to a lot of conclusions.

Why do folks not think Becky will get the money and be gone? This would leave John to run the Padres with minority partners. This could be good for us fans. Any cash calls will only be half John’s obligation. That could make a higher payroll more likely. New owners could also be more eager to win.

by Aztecbill on Oct 9, 2008 1:29 PM PDT reply actions 0 recs

What I mean is:

When they say John Moores is selling, do they really mean John and Becky Moores are selling? The sale happens as a joint venture. We always say John Moores does this or that when it is in reality John and Becky doing whatever with the team. After this joint venture one of them could get the cash and the other get the team. I suspect John would get the team.

by Aztecbill on Oct 9, 2008 1:35 PM PDT up reply actions 0 recs

True enough

Though it still doesn’t clear up the percentages and moneys that are being speculated on. What’s the 31% that can be shared as opposed to the full 80%?

by Dex on Oct 9, 2008 1:43 PM PDT up reply actions 0 recs

They bought 80% of the team.

Now they’re selling 49….leaving them with 31….how would he still retain control of the team?

If it’s split 50/50…they would each own 40% of the team. I don’t get it.

by Drama on Oct 9, 2008 1:45 PM PDT up reply actions 0 recs

wow.

Life always goes on...even if you don't want it to

by TheVinylCrocodile on Oct 9, 2008 1:35 PM PDT reply actions 0 recs

Is it

49% of the team or 49% of the 80% that he owns?

I would assume that Becky did not want part of the team otherwise he would just be giving her the 49% and not selling it. Who knows…

by Steve (Grey Suit) on Oct 9, 2008 1:45 PM PDT reply actions 0 recs

ON YOM KIPPUR?

People the world over have always been more impressed by the power of our example than by the example of our power.

by sdsuaztec4 on Oct 9, 2008 1:54 PM PDT reply actions 0 recs

so is this in the best interest of the Padres?

UT:

"Everybody’s got the best interest of the Padres in mind," said Sandra Morris, Becky Moores’ attorney. "They will do everything they can to protect the Padres. Both people care about it a lot. The family cares about it a lot."

by jbox on Oct 9, 2008 2:14 PM PDT reply actions 0 recs

It's got to be

For these high school sweethearts to be getting a divorce after 44 years of marriage, something super effed up must have gone down. Which leaves the Padres in a position where the principal owners of the team can’t even reside in the same state, let alone communicate on how best to run this organization. Something had to give and now this offseason just got a whole lot more interesting.
I’m excited to see how this goes down.

by The Kipper on Oct 9, 2008 2:24 PM PDT up reply actions 0 recs

So the Padres are now an "it"?

Nice

by Winfield's Ghost on Oct 9, 2008 2:50 PM PDT up reply actions 0 recs

Ownership...

I’m pulling for Paul Allen to buy out Moores. Probably never happen, so…
Second choice, Fidel Castro. Viva el beisbol, companyeros!

by The Kipper on Oct 9, 2008 2:42 PM PDT reply actions 0 recs

Maybe

Mybe part of it is buying out some current minority owners who may not be that interested in being minority owners. That way it would be 51/49 and one of the Moores would be in position to control the team. We don’t know how it will shake out but this senario wouldn’t surpirse me.

by Aztecbill on Oct 9, 2008 2:49 PM PDT reply actions 0 recs