Baseball Owners To Vote August 16 On Sale Of Padres To O'Malley Group - Forbes
August 16th is the date the MLB owners will vote whether to approve the O'Malley Group or send the Padres back into a downward spiral like they did at the beginning of the year. O'Malley is much more liked by the ol' boys than Jeff Moorad is. People hate Moorad because he was going to use the FSSD money to buy the team and because of his beard.
O'Malley wants to be able to pass the Padres down to his kin folk. In the late 90's John Moores said the same thing. He and his wife wanted to pass ownership to their daughter Jennifer. Instead he decided to have an affair with a gynecologist, get divorced and skip town with an extra $200m in proceeds from the new television deal.
The $800 million price consists of $200 million from the team’s new television deal that outgoing owner Moores will pocket. Some people familiar with the deal think it is possible that Moores will take the $200 million over several years so the Padres are not cash-strapped.
That's the money that was supposed to be used to increase the payroll and allow the Padres to offer competitive salaries. That's money we've been waiting for, for years. It was going to jump start the team's success. But it's not like Moores is greedy or anything, he's going to take it on a payment plan so we're only totally screwed. I guess he's entitled to the money, but I'm entitled to hate him for it.
An unnamed executive says the deal is all very complicated like trying to buy a hot dog at Petco Park.
“But it is a very complicated sale. Reaching an agreement in one area creates questions elsewhere.”