Its Official. The Padres have a new ownership group.

Thursday March 26, 2009

Its official.

In a 3:00 PM PDT news conference broadcast live on Padres.com , John Moores and the San Diego Padres announced the finalization of the sale of the Padres to an investment group headed by Jeff Moorad.

While John Moores will continue to act as the majority partner at MLB meetings and be on the boards of many MLB committees, Moorad will act as Vice Chairman and CEO of the Padres and will be in charge of the day to day operations of the team and all player personnel decisions.

The investment group of 12 includes Troy Aikman, Wayne Seltzer of Rancho Santa Fe, John McAvoy, J.D. Stein of Indianapolis, Bob Piccinini – who owns Save Mart super markets, Tom Davin – CEO of Panda restaurant group, Rick Berry – a money manager from northern California and Al Baldwin of San Diego.

Currently, the investment group headed by Moorad holds a 35% share ownership in the Padres with the rights to purchase up to 100% over the next 5 years.

Moorad was previously the CEO and minority partner in the Arizona Diamondbacks from 2004 through 2008.

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