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Moorad: Deal for Padres reached

Updated: January 4, 2009, 11:18 PM ET
Associated Press

PHOENIX -- Jeff Moorad has resigned as Arizona Diamondbacks chief executive officer and says he has reached an agreement in principle to buy the San Diego Padres.

Moorad said Friday he heads a "small but significant" group of investors that has an exclusive right to complete the specifics of negotiations with Padres owner John Moores. Moorad said he hopes the transaction can be completed in the next three months.

Moorad said he has a long friendship with Moores and his wife, Becky, ...

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