I just heard about this on Channel 8 News: Diamondbacks CEO Moorad resigns Moorad looking to purchase San Diego Padres by Bob Baum - Jan. 2, 2009 05:34 PM Associated Press Jeff Moorad resigned as chief executive officer of the Arizona Diamondbacks to pursue ownership of the San Diego Padres. The team promoted team president Derrick Hall to chief executive officer, Diamondbacks managing general partner Ken Kendrick said Friday. Moorad will maintain his share of Diamondbacks ownership but would have to sell that if his effort to purchase the Padres is successful, Kendrick said. Kendrick would not reveal what share of the team Moorad owns but said “it is not an insignificant amount.” Moorad's development of a group to purchase the Padres had reached the point when Major League Baseball rules required him to leave his job with Arizona, Kendrick said. “I can confirm that Jeff has resigned and is interested in the Padres,” San Diego owner John Moores wrote in an e-mail to The Associated Press. Two weeks ago, Moores said he had hired Goldman Sachs to search for a potential buyer as he goes through a divorce with his wife, Becky. “Goldman will look at offers and make recommendations,” Moores said in a Dec. 15 e-mail to the AP. “I have been told that, because these are difficult economic times, I should be prepared for a wide range of interest and offers.” The Moores reportedly own 90 percent of the Padres. Community property laws in California give Becky Moores a 50 percent share of that asset and she must agree to any sale. Moorad was a formidable agent who represented several major sports figures, including baseball's Manny Ramirez and Eric Karros, before he purchased a share of the Diamondbacks in 2004. His connection as an agent concerned many other owners, so Kendrick continued to serve as managing partner, representing the team in league ownership issues. However, Kendrick said those concerns have been erased by Moorad's performance since assuming his CEO position with the Diamondbacks. “Jeff has established himself through the years with us and I think Major League Baseball, from discussions I've had with them directly, would be comfortable with him controlling an ownership group with another club,” Kendrick said. Moorad is a UCLA graduate with a law degree from Villanova. He lived in southern California before moving to the Arizona suburb of Paradise Valley with his wife and three sons. Kendrick said a return to California figured largely in Moorad's desire to try to purchase the Padres. “I think he has roots that are very deep in southern California,” Kendrick said. “To get an opportunity in San Diego is exactly on point for the family in terms of that element of their lives.” Moorad lured many of the current top Diamondbacks officials, including Hall and general manager Josh Byrnes, to their jobs in Arizona. Hall joined the team in May 2005 as senior vice president, communications. Marketing-related issues were added to Hall's responsibilities in December 2005. He was promoted to president on Sept. 6, 2006, and will retain that title in addition to his new CEO position. Hall called his promotion “bittersweet” because of his long relationship with Moorad, but added that he looked forward to the challenges of his new position.
According to ESPN there's already an agreement to purchase the team. http://sports.espn.go.com/mlb/news/story?id=3806526 Also the UT: http://www3.signonsandiego.com/weblogs/padres/2009/jan/02/moorad-likely-next-padres-owner/?padres
Daaaaang, that was quick.:icon_eek: Seems like it was already lining up and that resigning was just a step to buy the team. He's not getting divorced, is he?
This is a great thing for the Padres. He's dealt with big money teams like the Red Sox, and can make something of small market teams like the DBacks. This is a good thing for the Pads. He will find ways to make revenue and spend smart money for quality players.
If I am not wrong, he helped get the DBacks into the postion they are in right now. And he knows a few things about how baseball works, which should help in the long run. Hopefully he can get this thing turned around quickly and lets start winning some games!
I'm just glad the sale went quick instead of dragging out a year or two with Moores keeping the payroll super low in the process.
I'm taking a wait and see approach with this guy, not to mention he's been saying alot of contradictory things in the media. First he's buying the team, then he's a part of a small group of investors then that Moores can still own the team, etc. That's concerning me. Also there's nothing to say he can put any more money then Moores does year by year into the team. We don't know anything about what this group's financial situation is or even who makes it up. Just remember this could just as easily be a bunch of jerks wanting to make a quick buck and strip down the Padres as it could be the 'savior'
I don't think he can really put any more money, or even as much money as Moores for that matter, into the team by himself. From what I understand he's trying to put together a group of some sort, though.
wow, big news on the Pads I hope they get in there and bring some sponsorship and fiscal responsibility to the team
The best case scenario is that the sale is quick and that the new ownership group raises enough money so that it can paydown the franchises debt and that the emphasis on draft and development which is just in it's infancy here continues. The worst case is a bigger debt for the franchise and a return to the Werner years.
