Phil Mickelson is part of a group of investors set to purchase the San Diego Padres, a deal that is in negotiations but should be complete within the next two weeks according to Fox Sports.
The deal is valued at $800 million, including $200 million for a portion of the team’s equity stake in Fox Sports San Diego. The exact amount Mickelson is investing is not known, although it is believed to be a very significant number of pretty pennies. Mickelson’s career earnings from prize money, endorsements and other business deals is valued in excess of $378 million.
We first heard of Mickelson's partnering with the O’Malley family – former Dodgers owner Peter O’Malley, two of his sons and two of his nephews – in May. Mickelson, a San Diego native, has previously had opportunities to invest in other sports franchises, but turned them down. This was an opportunity he just couldn’t pass up.
“Growing up, the Padres were my team and still are,' Mickelson said in May. 'I always had a love for the team. But (recently) I just felt disassociated with the organization a little bit as a fan. I just know I didn’t identify with the players or have an emotional connection. Where I want to get involved is I want to get a personal involvement with the players and the community – personal interaction with fans, more community outreach. I want to create an emotional tie with the players and the community.”
At least three other groups were interested in the ballclub, but current owner John Moores appears to have made his choice.
MLB commissioner Bud Selig welcomed the return of the O’Malley family to baseball in a conference call with reporters earlier in the week.
“San Diego fans and the club deserve a good ownership, great ownership, and assuming this deal goes through – and it hasn’t yet – so we’ll have to wait a little bit, but it’s great,” Selig said Monday.