SAN DIEGO PADRES OWNERS ENTER INTO AGREEMENT TO SELL CLUB TO SPORTS VETERAN JEFF MOORAD
¾ Moorad committed to winning World Series and maintaining club’s legacy of community involvement ¾
SAN DIEGO, CA – Marking a new chapter in the club’s 40-year history, the San Diego Padres announced today an agreement to sell the team to a California-based ownership group led by Jeff Moorad, who resigned last month as CEO of the Arizona Diamondbacks. Moorad and his group will buy the franchise over a period of up to five years, ultimately acquiring 100% ownership, subject to approval by Major League Baseball. Under the terms of the agreement, the sale is expected to close and Moorad to assume the role of CEO by Opening Day.
A UCLA graduate with strong roots in Southern California, Moorad has a 25-year history in professional sports, working for many years as a player representative for top athletes in baseball and football. He purchased an ownership stake in the Diamondbacks in 2005.
“Jeff Moorad will not only bring to the Padres his unique experience, passion for the game, and proven leadership, but an unparalleled commitment to the City of San Diego and its dedicated fans," said Padres Chairman John Moores. “I speak for our entire organization in saying that we look forward to working with Jeff to reach the ultimate goal of winning a World Series title for America's Finest City.”
“It is an honor to enter into an agreement to purchase the San Diego Padres, a team with a rich history of great players, terrific fans, and a strong commitment to the community,” said Moorad. “I consider it a privilege to have worked out an agreement that allows for the orderly transition of ownership of the franchise over the next several years.”
“As a lifelong baseball fan and a native Californian, I know that with this privilege comes the responsibility to field a consistently-winning team with an absolute goal of winning a World Series championship,” Moorad added. “I also know that we have a responsibility to our fans, as they are the spirit and heart of the Padres, and I look forward to providing an affordable, rewarding fan experience for all. It will be a hallmark of our ownership group to continue the same organizational commitment to the San Diego community that the Moores have spearheaded so admirably. We look forward to being on board by Opening Day.”