Saturday, July 7, 2012

O'Malley's to buy Padres with Phil Mickelson as part owner

Peter O'Malley
((ht: foxsports/

It appears the O'Malley family is back in the baseball business.

According to multiple reports, former Los Angeles Dodger owner Peter O'Malley, two of his sons and two nephews along with a handful of minority investors are set to buy the San Diego Padres from John Moores. The price, $800 million.

Oh, one of those minority investors, golfer Phil Mickelson.

The Padres have been up for sale for some time and Moores has stated publicly that he'd narrowed the list to just a couple of perspective bidders.

According to Ken Rosenthal of Fox Sports, the O'Malley's are expected to be approved at an MLB owners meeting next month.

Rosenthal's story has more details RIGHT HERE

Certainly, the old time MLB owners are happy to welcome the O'Malley's back into the fold. Though it does beg the question as to why they sold the Dodgers back in 1998. Allegedly it was because of a tax issue. The Dodgers team went on a big downhill spiral after the sale, though they were recently bought for $2 billion. Which in the long run would have made him a lot of money.

The Padres and their relatively new park aren't quite worth $2 billion.

It will be interesting to see if they have the finances to make the Padres more competitive. The team has had some marginal success, but always seem to be looking for ways to cut costs. Sometimes at the expense of being competitive.

Maybe O'Malley is trying to go back in time?

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