Pads tap Goldman Sachs in bid for buyer
SAN DIEGO -- Padres owner John Moores has hired Goldman Sachs to search for a potential buyer as he goes through a divorce from his wife, Becky.
"Goldman will look at offers and make recommendations," Moores said in an e-mail Monday to The Associated Press. "I have been told that, because these are difficult economic times, I should be prepared for a wide range of interest and offers.
"Needless to say, San Diego is a very attractive place to own a baseball team," he said.
The hiring of Goldman Sachs was first reported by MLB.com.
The owner didn't say what percentage of the team would be up for sale.
John Moores, who made a fortune in computer software, bought a controlling stake in the Padres for approximately $80 million in 1994 from a 15-member group headed by TV producer Tom Werner. Werner later became a co-owner of the Boston Red Sox.
The Mooreses reportedly own 90 percent of the team. Because of community property laws in California, Becky Moores shares 50 percent of that asset and must agree to any sale. Their daughter, Jennifer, owns five percent and the other five percent is owned by Glenn Doshay, a San Diego businessman, mlb.com reported.
The Padres are going through a salary dump in large part because of the divorce. They're trying to pare their player payroll from about $72 million last year to around $40 million this year.
San Diego, which lost 99 games last year, has tried unsuccessfully to trade ace Jake Peavy, who is due to make $11 million in 2009. San Diego shed $6.5 million by trading shortstop Khalil Greene to St. Louis and pulled a $4 million offer to all-time saves leader Trevor Hoffman.
Copyright 2008 by The Associated Press