Length of contract: N/A | Annualised value: N/A | Overall value: US$400 million
Former Arizona Diamondbacks chief executive Jeff Moorad will spend around US$400 million to secure “the largest financial stake” in the Padres, the San Diego-based Major League Baseball team.
Moorad, a Californian native, served as part-owner, general partner, and chief executive of the Diamondbacks from 2005 until his decision shortly after the New Year to resign from the club in order to pursue the Padres.
However, current owner John Moores will remain as majority owner of the Padres for three or four years.
At some point this year, Moorad is expected to assume ‘a powerful decision-making role’ with the team, as he builds towards majority ownership.
But when he announced his resignation as general partner of the Diamondbacks, he said Moores would remain connected to the Padres "for a number of years."