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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, whose divorce precipitated the Padres' potential sale.

Discussions on the potential purchase became extensive after Moores hired Goldman Sachs to oversee the sale of the club in late November, Moorad said.

"We have a lot of work to do," Moorad said on a conference call, "but John and Becky and the folks at Goldman Sachs have been very attentive and focused as I intend to be over the next month or so. I'm hopeful that we can get to the finish line."

The Moores reportedly own 90 percent of the Padres. Community property laws in California give Becky Moores a 50 percent share of that asset and she must agree to any sale.

San Diego owner John Moores confirmed in an e-mail to The Associated Press that Moorad had exclusive negotiating rights to buy the team. Jesse Jacobs from Goldman Sachs didn't immediately return a call or e-mail seeking comment.

Moorad said he would be the majority owner if the deal goes through. He would have to sell his share of ownership in the Diamondbacks if the Padres deal is finalized.

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Author:Fox Sports
Author's Website:http://www.foxsports.com
Added: January 3, 2009

Arizona Diamondbacks News

News » Moorad resigns from D-backs, plans to buy Pads 2009-01-03


Moorad resigns from D-backs, plans to buy Pads 2009-01-03


Moorad resigns from D-backs, plans to buy Pads 2009-01-03
PHOENIX (AP) - 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.

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