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News » San Diego Padres Inside Pitch 2008-12-22


San Diego Padres Inside Pitch 2008-12-22


San Diego Padres Inside Pitch 2008-12-22
The news regarding the Padres seems to get worse daily.

First, John Moores confirmed that the Padres are for sale.

Days later, right fielder Brian Giles was hit with a $10 million suit by a former girlfriend who alleges he battered her and caused her to suffer a miscarriage.

Moores, who bought the Padres on Dec. 21, 1994, confirmed he has hired Goldman Sachs to identify potential buyers for the ballclub.

But Moores, who is involved in prolonged divorce litigation with wife of 44 years (Becky), didn't say if he was selling all or part of his holdings in the Padres.

The Mooreses own 90 percent of the team, which was valued by Forbes last year at $385 million, including ownership interest in five-year-old Petco Park in downtown San Diego.

The Padres' contract with the city for occupancy of Petco Park extends through 2032. The team is carrying $225 million in debt associated with Petco Park. Half of that debt is locked in at an 8 percent interest rate that cannot be prepaid.

Moores bought the team for $90 million.

"My strong desire is to stay involved because the last decade and a half has been a terrific experience," he said. "But I have no idea how long this is going to take and how it's going to turn out.

"I don't know at this point what the combination will be and whether I'll be involved in it."

Under Moores, the Padres won four National League West titles and the National League pennant in 1998 -- just before the voters approved the construction of Petco Park.

In 2007, the Padres had an estimated $23.6 million in operating income based on revenue of $167 million. Service of the Petco Park debt cut into the team's profit, and attendance fell in 2008 as the club lost 99 games.

The Padres had a payroll budget of $73 million in 2008. The projected budget for 2009 is $40 million.

Of that total, $9 million is scheduled to go to Giles, who suddenly has much bigger problems than reaching the distant right field stands at Petco Park.

On Dec. 16, Cheri Olvera sued Giles, claiming he had breeched an agreement to provide for her and her daughter. Olvera said she started dating Giles in 2002 and was engaged to the Padre from 2005 until they split last spring.

Olvera alleges she and Giles, 37, had an agreement that if their relationship ended by death, separation or otherwise that all of Giles' property would be divided for her benefit.

The suit filed in San Diego Superior Court also alleges Giles began abusing Olvera in 2002. In the suit, Olvera accuses Giles of "hitting and slapping plaintiff in the face; pushing plaintiff; shaking plaintiff; kicking plaintiff; hitting plaintiff in the chest; knocking plaintiff to the floor, battering plaintiff twice while she was pregnant with the parties' child causing plaintiff to suffer a miscarriage."

Giles was unavailable for comment.

"I have absolutely no comment," said Joe Bick, the player's agent.


Author:Fox Sports
Author's Website:http://www.foxsports.com
Added: December 22, 2008

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