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Transfer of Padres from Moores to Moorad may NOT get approved

The ownership sale of the #Padres to Jeff Moorad hit unforeseen snag and is Not expected to be approved at #MLB owners meetings today.
Jan 12 via Twitter for iPadFavoriteRetweetReply

Twitter says that there are a lot of bummed out looking people outside the meetings. How does this not get approved? I guess the conspiracy theorists were right... about something or another... I kinda forget what it was they were complaining about.

If you're late to the game, Moorad surprised many when it was announced that he would be fronting the final amount of money needed to own the Padres outright. Several people thought that Moores may have been involved with the Padres for years to come as the transfer was rumored to need at least 5 years to be completed.

I don't know that there is a significant snag in #Padres deal, but approval entails a vote as well as money. Stay tuned.
Jan 12 via Twitter for BlackBerry®FavoriteRetweetReply

Major League Baseball rules stipulate that the new majority ownership must be approved. He needs 75 percent of the 29 other owners or their representatives.

[UPDATE 10:05AM] Hacksaw saying that the owners are suspicious of the idea that the money from the TV deal may be getting used to pay for the purchase as opposed to being used for operations. The Conspiracy Theorists have gotten to the other owners! omg.

The idea that there might be trouble with financial obligation is a little weird considering that the money to buy out the team was supposed to have been sitting in escrow all of this time. I'm not sure how they could formally prove that the Padres would use TV deal money to pay out owners. That seems pretty bold and could be akin to requiring an MLB team to operate at a loss.

[UPDATE 10:52AM] It appears to be a technical snag. From the ever diligent Tim Sullivan, Moorad says:

"In the rush to finalize the completion of the sale, earlier than scheduled, some technical questions, late into the process, arose that need to be answered/addressed..."

No word on cake hazing.

[UPDATE 1:21PM] Hacksaw says that Jerry Reinsdorf, owner of the White Sox and the owners of the Diamondbacks are the ones who are raising the big issues with Moorad's financing plans.

We must've won the Carlos Quentin trade, eh?