Padres Owner May Sell Franchise
San Diego Padres majority owner John Moores has retained investment banker Steve Greenberg, son of Hall of Famer Hank Greenberg, to facilitate a sale of the club, according to the North County Times.
When asked this week whether he plans to sell the Padres, Moores told MLB.com, “Not definitely, but I think so. I have no idea how long it’s going to take to make that decision.”
Moores, who controls a 51 percent stake of the franchise, previously sold the franchise in 2009 for $525 million to Jeff Moorad. Moores reclaimed majority ownership when Moorad stepped down as CEO last month.
The Padres, valued at $458 million by Forbes, could sell for at least $700 million in part due to the newly MLB approved 20-year, $1 billion deal with Fox Sports San Diego for the team’s broadcast rights.