Pages

Wednesday, June 13, 2012

San Diego Padres' buyer could be decided next week - SportingNews.com

The San Diego Padres’ sale is gaining momentum, according to FOXSports.com, which cited an anonymous source as saying three bidders remain.

The website reported that current owner John Moores expects to choose a buyer between Wednesday and Friday of next week, adding that a group led by former Dodgers owner Peter O’Malley is one of the finalists, and the other two also are from Southern California.

However, a fourth bidder, Legendary Pictures CEO Thomas Tull, is not among the finalists. Hall of Famer and former Padre Tony Gwynn had recently joined that bid group, although he wasn’t part of its financial backing.

The source told FOXSports.com that the price for the team is expected to exceed $800 million, $600 million for the team and $200 million for part of the team’s equity stake in FOX Sports San Diego.

If Moores sticks to selecting the buyer by next week, then, according to the report, a purchase agreement could be in place by the All-Star break in July and the deal could close by August.

No comments:

Post a Comment