Padres in sale talks with ex-agent Moorad

SAN DIEGO, Jan. 3 (UPI) -- The San Diego Padres say they are in exclusive negotiations on the sale of the club to former agent and Arizona Diamondbacks partner Jeff Moorad.

The San Diego Union-Tribune reported Saturday the deal could be worth more than $400 million to John Moores, the software tycoon who has owned the Padres since 1994.

"It's a jewel of a franchise," Moorad told the newspaper Friday after he resigned from the Diamondbacks in order to pursue the Padres. "There is an agreement in principle that I think all parties are comfortable with. Beyond that, I think a little time needs to pass and we need to focus on putting the finer points of the deal together."

The Padres were put on the market amid Moores's divorce proceedings; however, the team is playing in a relatively new downtown stadium and is projecting more than 3 million in attendance next season, according to the newspaper.

Moorad is based in neighboring Orange County and spent 20 years as a sports agent representing Manny Ramirez and other players before joining the D-Backs four years ago.