The bidding for the Padres is nearing a resolution

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UPDATE: Rosenthal adds that Moores met today with Peter Seidler, the nephew of former Dodgers owner Peter O’Malley. He met with Jabara earlier this week.

Both groups have submitted bids of $800 million, which includes $600 million for the team and $200 million as part of the team’s TV deal with FOX Sports San Diego.

10:51 PM: According to Ken Rosenthal of FOXSports.com, Padres owner John Moores is close to reaching an agreement to hand over majority control of the team.

Rosenthal hears that the club is seen as the O’Malley family’s “to lose” while a group led by Gary Jabara, the founder of a Newport Beach wireless communications company, remains in the mix with a competitive offer.

Scott Miller of CBSSports.com named the O’Malley family and Jabara as the finalists for the Padres earlier this evening. Moores’ asking price for majority control is now is in the range of $800 million and there’s optimism a deal will come together before the All-Star break. A formal transfer of ownership is unlikely to take place until the owners meetings in August.