Baseball Owners To Vote August 16 On Sale Of Padres To O'Malley Group

Major League Baseball?s 30 controlling owners will vote August 16 on the sale of the?San Diego Padres?by John Moores to a group led by the O?Malley family. The deal must have approval of 21 owners and according to an MLB insider the sale is expected to get unanimous approval.

Peter O'Malley (Photo credit: Wikipedia)

Walter O?Malley and his son Peter?owned the Dodgers from 1950-98 before selling the team to Rupert Murdoch?s?News Corp. Peter put together a group that was among the failed bidders for the Dodgers this year, when they sold for $2 billion to Guggenheim Baseball Management,which included Los Angeles Lakers great Magic Johnson. The?group buying the Padres includes Peter and four grandchildren of Walter (Kevin and Brian O?Malley, and their cousins Peter and Tom Seidler), and golfer Phil Mickelson, who has been raising cash by selling some real estate.

The $800 million price consists of $200 million from the team?s new television deal that outgoing owner Moores will pocket. Some people familiar with the deal think it is possible that Moores will take the $200 million over several years so the Padres are not cash-strapped. Such an arrangement could in part be due to?changes in baseball?s new CBA?which requires teams to use proceeds from revenue-sharing for players, not to pay down debt.?A week ago U-T?San Diego?reported?that portions of the O?Malley deal were being renegotiated and quoted a source saying ?But it is a very complicated sale. Reaching an agreement in one area creates questions elsewhere.?

If Moores does indeed take out his $200 million over several years then, like the purchase of the Padres by Jeff Moorad that was nixed at the last minute, the actual purchase price will be less than $800 million when adjusting for the present value of future payments.Moorad, a former agent had a deal with Moores to buy the team beginning in 2009 that was originally supposed to take five years (the $530 million purchase price had a present value of about $480 million) but was?scuttled?by Bud Selig in January because the commissioner was concerned Moorad was going to use the team?s upfront signing bonus from its new $1.2 billion television deal with Fox to complete the purchase of the team.

We valued the Padres, who are losing money before the $30 million-plus they get from baseball?s revenue-sharing system each year, at $458 million in March. But all 30 baseball teams could see their values increase soon because it is believed the league?s next television deals with Fox, TNT and ESPN could be 50% higher than the deals that expire for each network at the end of the 2013 season.

Source: http://www.forbes.com/sites/mikeozanian/2012/07/14/baseball-owners-to-vote-august-16-on-sale-of-padres-to-omalley-group/

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