Three bidders remain for the Padres and owner John Moores could select a buyer by late next week, reports Ken Rosenthal of FOX Sports. One of the three groups is led by former Dodgers owner Peter O'Malley while the other two hail from Southern California as well. One is described as a businessman, the other a private equity investor.
A fourth bidder was recently eliminated after failing to meet the asking price. That group — led by Thomas Tull, the CEO of Legendary Pictures — included long-time Padre and Hall of Famer Tony Gwynn. The sale price is expected to be at least $800MM, broken down into $600MM for the team and $200MM for part of the team’s equity stake in FOX Sports San Diego.
If a buyer is picked next week, an agreement could be in place by the All-Star break and the sale could close by August. That would afford the new owner the opportunity to work with the team's front office prior to the trade deadline.