All we can do is sit and wait. No one knows for sure which direction Padres' ownership will take. (Christopher Hanewinckel-US PRESSWIRE)

Jeff Moorad's Purchase Contract Void, Fox Sports Deal Approved

According to numerous sources including the San Diego Union Tribune, John Moores has reached an agreement with John Moorad and his ownership group nullifying the agreement to purchase the team by 2014.  John Moores retains control of the team and cleared the way for the Fox Sports San Diego to finally win approval from Major League Baseball.

The Fox Sports TV deal is big for the Padres.  They get a bonus of $200 million up front, up to $50 million a year in rights fees, and it could be worth $1.2 billion over the course of the contract.  It’s the type of television contract small-market teams rarely see, and it should help the Padres build a competitive team with increased payroll.

Jeff Moorad had found himself all but blocked at becoming the majority owner of the San Diego Padres.  Earlier this year he could not secure the votes of enough current owners to finalize the transition two years early.  Then things just unraveled for him.  He stepped down as CEO, announced that he was withdrawing his control application, and now his purchased contract has been voided.

When John Moores spoke with, he discussed his future as the owner and whether he intended to sell the team as planned.

I have absolutely no idea how long it’s going to take to make that decision (on selling). It’s safe to say that it’s open-ended now; that I’m going to own the team for the foreseeable future. But that’s not to say that my reign isn’t going to end tomorrow. We’ve already talked to some bankers. I’ll take some time to figure this all out.

John Moores purchased the Padres in 1994.  He paid $85 million.  Jeff Moorad, when he signed the purchase agreement, was to pay $525 million for the team.  With the sale of the Dodgers complete, Moores now stands to make a lot more.

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Tags: Jeff Moorad John Moores San Diego Padres

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