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Source: O'Malley group to buy Padres
Peter O'Malley and his family owned the Dodgers for decades.
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The O’Malley family is getting back into baseball.
San Diego Padres owner John Moores has selected a group including former Dodgers owner Peter O’Malley, two of his sons and two of his nephews to purchase the club, according to a source with knowledge of the negotiations.
THE WAY WE WERE
Trace the roots of all 30 MLB teams, dating back to the beginning of the sport's modern era in 1901.The deal — valued at $800 million, including $200 million for a portion of the team’s equity stake in FOX Sports San Diego — is pending approval by baseball and completion of contractual terms within the next two weeks, the source said.
If all goes according to plan, the group will receive approval at the owners’ meetings in August and close the deal simultaneously, according to the source.
Ron Fowler, a civic leader in San Diego and chief executive of Liquid Investments, will be the point man for the group at the request of O’Malley’s nephew, Peter Seidler.
Seidler and his brother Tom will be members of the group, along with O’Malley’s sons, Kevin and Brian. Professional golfer Phil Mickelson also will be an investor.
Commissioner Bud Selig, speaking to reporters on a conference call earlier this week, said he welcomed the return of the O’Malley family to baseball.
“San Diego fans and the club deserve a good ownership, great ownership, and assuming this deal goes through — and it hasn’t yet — so we’ll have to wait a little bit, but it’s great,” Selig said Monday.
“The O’Malley tradition is remarkable, going all the way back to Brooklyn and to Walter and on to Peter, and now you’re getting the sons and the nephews involved. Plus the San Diego club’s minority partners in the last deal were a very solid group and all San Diego people, which means a great deal to us, are all going to be involved.”
Selig added, “It’s a little premature for me to comment, but this is an excellent development for baseball to say the least.”
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