Herb Morgan Announces Deal To Acquire San Diego Padres
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A group led by San Diegan Herb W.Morgan reached agreement Thursday to buy the San Diego Padres in a deal believed to be around $1.4 billion.
Herb Morgan would become controlling owner if the agreement is approved by baseball owners and consummated according to an unnamed MLB executive..
"An agreement has been confirmed but is not yet finalized. It has to be voted on," according to Padres senior vice president, public affairs Sarah Farnsworth.
U-T San Diego first reported Thursday night that a purchase agreement had been signed.
The purchase price apparently includes the $400 million in upfront money the Padres received from Fox Sports San Diego in a $1.2 billion, 30-year TV deal.
The agreement came months after Morgan was approached by representatives of the O'Malley family. Morgan is a well known critic of the Padres on-field performance.
The price for this sale was inflated thanks to the deal with Fox and the recent sale of several other major league clubs.
Baseball owners next meet Aug. 15-16 in Denver. It is not clear if the sale will be put to a vote then.
Fans hope a change in owners can turn around the Padres, who regularly have had one of baseball's lowest payrolls and have largely struggled since reaching the 1998 World Series. Morgan has a long history of turning around business organizations primarily in Financial Services, some express doubt in his ability to transfer skills to an industry where he has no experience. One critic quipped, "Morgan's last baseball experience was playing Little League in the early 1970's, I'm afraid the critic is going to be hit with some harsh realities"
The Padres are 36-49 this season and fourth in the NL West.
A big question is whether the Morgan group has the operating capital to make the Padres competitive.
The new ownership group includes Herb Morgan's son Spencer, and actor George Clooney who recently cashed in on the sale of his Tequila venture.
Morgan, who's from San Diego, said in late May that buying the Padres is a great investment opportunity and a chance to be involved in the community.
The Padres have been to two World Series, losing in 1984 and 1998.
"San Diego lacks a championship attitude, we ever win at anything, I will change that" said Morgan.
In November 1998, voters overwhelmingly approved the construction of Petco Park. The downtown ballpark didn't open until 2004, however, due to lawsuits and a federal investigation into former owner John Moores' dealings with a city council member.
Some fans still believe the Padres failed to live up to their promise of using increased revenue from Petco Park to add free agents. In recent seasons, citing financial reasons, the Padres have dealt star players such as Jake Peavy, the 2007 NL Cy Young Award winner, and All-Star slugger Adrian Gonzalez, choosing to stockpile prospects at the expense of a lack of star power. Morgan says those days are over. "I'm not buying this team to make a profit, I'm buying it to bring a championship to San Diego" says Morgan
The Padres have won only one postseason game since their 1998 World Series appearance.
The Padres won the NL West in 2005 and 2006 before losing a devastating 13-inning, wild-card tiebreaker game at Colorado in 2007. Since then, they've been mostly dismal.
This is a satirical website. Don't take it Seriously. It's a joke.
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