Former Dodgers owner Peter O’Malley, along with an investment group that includes San Diego native Phil Mickelson, has reportedly reached an agreement to buy the Padres for a whopping $800 million.
Upon learning of this news, my initial reaction was that buying a team like the Padres for $800 million was kind of like paying $40 for a bag of Doritos. Then again, even the Padres — yes, the Padres — have a lucrative television deal with FOX that pays them $1.2 billion. At this point, if you don’t have an obscene TV deal and aren’t in the midst of jousting with Time Warner over carriage fees, you are more than likely a terrible owner who happens to be losing money at an obscenely rapid rate.
The $800 million agreement will not be finalized until the deal is officially knighted by MLB owners, and that meeting is expected to take place later this month.
The Padres currently find themselves 17 games under .500 and haven’t made the playoffs since 2006. On the bright side, no one is San Diego gives a shit.
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