UpdatedÂ Jul 6, 2012 10:29 PM ET
The OâMalley family is getting back into baseball.
San Diego Padres owner John Moores has selected a group including former Dodgers owner Peter OâMalley, two of his sons and two of his nephews to purchase the club, according to a source with knowledge of the negotiations.
The deal â" valued at $800 million, including $200 million for a portion of the teamâs equity stake in Fox Sports San Diego â" 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 ownersâ 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 OâMalleyâs nephew, Peter Seidler.
Seidler and his brother Tom will be members of the group, along with OâMalleyâs 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 OâMalley family to baseball.
âSan Diego fans and the club deserve a good ownership, great ownership, and assuming this deal goes through â" and it hasnât yet â" so weâll have to wait a little bit, but itâs great,â Selig said Monday.
âThe OâMalley tradition is remarkable, going all the way back to Brooklyn and to Walter and on to Peter, and now youâre getting the sons and the nephews involved. Plus the San Diego clubâs 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.â
Selig added, âItâs a little premature for me to comment, but this is an excellent development for baseball to say the least.â