UPDATE: This could just be a formality, but the San Diego Union-Tribune is reporting that negotiations between the two sides are ongoing and that an agreement is not expected until after the All-Star break.
9:22 PM: The O’Malley family is getting back in the baseball ownership business. This time with the Padres.
Ken Rosenthal of FOXSports.com has the goods:
Source: O'Malley group selected to buy #Padres. Price will be $800M, including $200M for portion of team's equity in Fox Sports San Diego.—
Ken Rosenthal (@Ken_Rosenthal) July 07, 2012
The O’Malley group, which includes four grandchildren of former Dodgers owner Walter O’Malley, has emerged as the favorite over the past couple of weeks and was recently given an exclusive window to purchase majority control of the club from outgoing owner John Moores. Golfer Phil Mickelson, who is from San Diego, is also an investor with the group. Commissioner Bud Selig expressed support of the O’Malley’s bid earlier this week.