Padres prepare to sell team to Jeff Moorad

Jan 3, 2009 - 4:49 AM SAN DIEGO (Ticker) -- The San Diego Padres on Friday entered into exclusive negotiations to sell the team to a group led by former Arizona Diamondbacks chief executive officer Jeff Moorad.

The sale likely will be completed in the first quarter of 2009.

Moorad resigned from his position in the Diamondbacks' organization earlier Friday.

"An exclusive window of negotiations with the Padres opened today," Moorad said during a conference call Friday. "There's an agreement in principle that all parties are comfortable with. The transaction is one that should take place sometime in the next few months."

San Diego has been in limbo due to the divorce proceedings of owner John Moores.

Moorad said he expects Moores to remain with the team for a period of years, with Moorad taking a majority position over time.

"For a period of years," Moorad said. "Beyond that, the deal's specifics will be forthcoming, but it's probably not appropriate to talk about it today."

Moorad and Moores did not speak about the sale price, but Forbes magazine valued the Padres franchise at $385 million last April, ranking it 19th among the 30 major league teams.