Posted April 09, 2012

Padres Owner May Sell Franchise

MLB

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.