Moorad increases stake with Padres
PEORIA, Ariz. -- Jeff Moorad has increased his stake to become essentially a 50-percent partner in owning the San Diego Padres.
Moorad has made a $45 million wire transfer to John Moores, which gives his ownership group approximately a 50 percent stake.
Moorad took over as the Padres' CEO and minority owner a year ago Thursday.
Moorad initially purchased 34 percent of the team and took over Sandy Alderson's role as CEO when his group made its first $100 million payment last year. The former player agent and Arizona Diamondbacks CEO now has four more years to make a final $145 million payment to Moores.
When the transaction is finalized, Moorad's ownership team will have made close to $290 million in payments and incurred another $200 million in debt associated with the Padres. The deal also includes Moores' 30 percent stake in ownership of Petco Park.
Copyright 2010 by The Associated Press