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NBCSanDiego.com is reporting that Padres majority owner John Moores wants to sell 49 percent of the team as part of a divorce settlement with his wife Becky. She filed for the divorce earlier this year after 44 years of marriage. John Moores was not around for many Padres games this year, according to reports. Becky, however, is said to have been at Petco Park for many games. Forbes.com values the team at $385 million, 19th among big league teams. Moores purchased the team in 1994 for $94 million. Forbes says the team's value has been going up 11 percent a year, but that dropped to 5 percent in 2007. It probably dropped more this year, when the team was bad and average attendance dropped by more than 4,000 a game. Forbes.com estimates team revenue at $167 million and gate receipts at $67 million in 2007. The Padres "are being squeezed by debt service on Petco Park," says Forbes. com. The team financed $173 million of the cost of the stadium. Non-baseball events have been "slow to come," says the publication, adding that the 2007 season's budget included a $14 million cash contribution from John Moores.
NBCSanDiego.com is reporting that Padres majority owner John Moores wants to sell 49 percent of the team as part of a divorce settlement with his wife Becky. She filed for the divorce earlier this year after 44 years of marriage. John Moores was not around for many Padres games this year, according to reports. Becky, however, is said to have been at Petco Park for many games. Forbes.com values the team at $385 million, 19th among big league teams. Moores purchased the team in 1994 for $94 million. Forbes says the team's value has been going up 11 percent a year, but that dropped to 5 percent in 2007. It probably dropped more this year, when the team was bad and average attendance dropped by more than 4,000 a game. Forbes.com estimates team revenue at $167 million and gate receipts at $67 million in 2007. The Padres "are being squeezed by debt service on Petco Park," says Forbes. com. The team financed $173 million of the cost of the stadium. Non-baseball events have been "slow to come," says the publication, adding that the 2007 season's budget included a $14 million cash contribution from John Moores.