Ken Rosenthal of Fox Sports reports that the O'Malley Group has been selected to purchase the San Diego Padres. The O'Malley Group will pay $800 million, including $200 million for a portion of the team’s equity stake in Fox Sports San Diego.
If everything goes according to plan (does anything ever go according to plan?), the new owners will take over in August.
“San Diego fans and the club deserve a good ownership, great ownership, and assuming this deal goes through — and it hasn’t yet — so we’ll have to wait a little bit, but it’s great,” Comissioner Bud Selig said on Monday. “The O’Malley tradition is remarkable, going all the way back to Brooklyn and to Walter and on to Peter, and now you’re getting the sons and the nephews involved. Plus the San Diego club’s minority partners in the last deal were a very solid group and all San Diego people, which means a great deal to us, are all going to be involved.”
Image taken by SD Dirk and used under the Creative Common License Agreement.