The expected transfer of ownership from John Moores to the Jeff Moorad ownership group has officially been postponed. Lots of sources are reporting much of the summary, but here's what there is to know in some bullets. I'll source anything that isn't known, but let me know what you need sources for because otherwise, I'll just be summarizing.
- A vote was to happen at today's meeting. For the ownership transfer to be approved, the Padres would have needed 75% of owners approving.
- At a caucus prior to the vote ever happening, there were questions regarding details surrounding the financing.
- There has NOT been a vote. The vote itself was postponed following the caucus discussions.
- The balance required to buy the team has been presented by the Moorad group and is reported to be in escrow currently.
- There is no official word that the pending television deal is what is somehow holding up the sale.
- The caucus that discussed the open questions that needed to be answered before the matter could be put to vote included Jerry Reinsdorf, owner of the Chicago Whitesox.
- Supposedly, Jerry Reinsdorf is not a fan of Moorad from back in Moorad's agent days.
- The TV deal is not at risk, though is not currently approved.
- Bud Selig and Jeff Moorad are both quoted as saying that this is not a major issue.
- Selig believes that another face to face meeting is not needed and that approval could happen via conference call in the coming months and before opening day.
- Allegedly in response to the delay, John Moores was the one owner who voted against renewing Bud Selig's contract. Jeff Moorad, as currently a minority owner, does not yet formally have a vote.
- Today's vote of transfer would have been years early. The original reports have been that the transfer of ownership would happen over the course of 5 years. This timeline was sped along at the insistence of John Moores and Jeff Moorad was able to get the ownership group to front the monies earlier.
In the end, assuming that the sale is approved and the owners have done their due diligence, then this can only be a good thing for the Padres and Padres fans. The ownership transfer will still be happening years in advance of what we expected and the other owners should be satisfied that the Moorad groups' intentions are on the up and up. It's a bit disconcerting that the group wasn't as prepared as they could be, but it's not the first time that such a transfer was delayed prior to reaching vote so this isn't unheard of.