SHARK wrote:
Apologist wrote:
My understanding is that it isn't a luxury tax situation, the Padres have a very low payroll. The owner is trying to hide/dump assets in an ongoing nasty divorce situation, and Peavy's contract is one of the biggest liabilities in the portfolio...
Apologist, I think I know what you're referring, and that I believe the subject actually came up when 670 The SCORE aired Sporting News Radio programming on a Saturday afternoon during the winter. I believe it was SNR's Bob Berger & Bob Stelton, who talked to a baseball reporter who revealed nasty details of a divorce involving the Padres' former owner and somehow linked Peavy's name to the story.
http://www3.signonsandiego.com/news/2008/jun/22/who-will-get-custody-padres-organization-moores-di/Quote:
You can't easily divide a divorce asset 50/50 -- as California requires -- while leaving only one of the two parties in control. Neither can you split decision-making responsibility between two people and comply with the baseball policy that stipulates each franchise must have only one controlling owner.
Should Becky Moores choose to press these points -- and insiders report she has keen interest in gaining control of the club -- the Padres may be headed toward an impasse and/or a sale.
Because the Padres represent so significant a share of John Moores' holdings -- the franchise was valued at $385 million by Forbes magazine in April -- and because the ballclub is so saddled with debt, splitting it up was bound to prove problematic. Unlike Boston Red Sox owner John Henry, who filed for divorce last May, John Moores did not take the precaution of a prenuptial agreement when he married the girl from his high school history class at 19 years old.
"In high-asset divorces such as the Mooreses', this can be particularly complicated when a large portion of the net estate is one asset," said attorney Judi S. Foley, a family law specialist and Padres season-ticket holder. "Depending on how the couple allocated management of this large asset, dividing (it) can wreak havoc in the future of the asset.
"As a San Diegan, and a longtime Padres fan, I dread the consequences that could flow from a bitter, prolonged battle over the ownership and ultimate management of the franchise."
I feel kind of bad for Padre's fans, but certainly would welcome JP to the south side...
