BREAKING NEWS: Jeff Moorad Steps Down as CEO

A day after Tim Tebow and bounties were the talk of the sports world, Major League Baseball made some noise of its own, especially out in Padres land.

According to the team’s press release, Jeff Moorad has officially stepped down as the CEO of the Padres.

"The San Diego Padres announced today that Jeff Moorad has stepped down as the CEO of the Padres.  Mr. Moorad will remain as Vice Chairman of the club and will be responsible for overseeing the Padres’ involvement in the development of Fox Sports San Diego.  On an interim basis, Padres President and COO Tom Garfinkel will assume the CEO duties."

Earlier this month, Moorad withdrew his application to have his ownership of the team approved by Major League baseball’s 29 other owners. Moorad currently owns 49 percent of the Padres. John Moores remains control of the team. Moorad has until March 2014 to complete his purchase of the Padres. However, it remains to be seen if Moorad will pursue to buy the Padres.

Members of the local media are already speculating that those ownership groups who fail at purchasing the Los Angeles Dodgers may now  throw their hat in the ring to buy the Padres.

As more information is made available, be sure to check back with us for the latest developing news.