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Moorad, Padres agree on sale of team

Updated: February 3, 2009, 10:16 PM ET
Associated Press

SAN DIEGO -- Former agent Jeff Moorad reached an agreement Tuesday for his group to buy the San Diego Padres from majority owner John Moores, a move that could help prop up the team's sagging on-field fortunes.

Moorad, who resigned last month as chief executive officer of the Arizona Diamondbacks, and his group will acquire 100 percent ownership during a period of up to five years, subject to approval by baseball owners.

The deal values the team at $500 million and is expected to close ...

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