Menu
Home

Baseball

Moorad essentially 50-50 partner with Moores

PEORIA, Ariz. (AP) — Jeff Moorad has increased his stake to become essentially a 50-percent partner in owning the San Diego Padres.

Moorad made a $45 million wire transfer on Wednesday to John Moores, which gives his ownership group approximately a 50 percent stake.

Moorad took over as the Padres' CEO and minority owner a year ago Thursday.

Moorad initially purchased 34 percent of the team and took over Sandy Alderson's role as CEO when his group made its first $100 million payment last year. The former player agent and Arizona Diamondbacks CEO now has four more years to make a final $145 million payment to Moores.

When the transaction is finalized, Moorad's ownership team will have made close to $290 million in payments and incurred another $200 million in debt associated with the Padres. The deal also includes Moores' 30 percent stake in ownership of Petco Park.

"Believe it or not the wiring process took 45 minutes to confirm," Moorad said. "By the end of the call I was exhausted."

Moorad has previously said he doesn't anticipate making the final installment to Moores until the end of the four-year window.