An agreement “in principle” has been reached to sell the team to a group of investors led by Jeff Moorad, former chief executive officer of the Arizona Diamondbacks. Moorad, one of the most recognized figures in sports commerce, owns a Hall of Fame NASCAR racing team and helped broker the deal that brought Manny Ramirez to the Boston Red Sox.
The good news is that Moorad’s expertise is in sports. The bad news (at least for the impatient among us) is that his deliberateness will prolong questions about the team’s on-field future.
The club panicked in the final weeks last season, filling positions haphazardly; and acclaimed pitcher Jake Peavy’s future is still in doubt even as baseball’s winter meetings are a memory. Moorad has much to arbitrate.
The franchise’s sale price hasn’t been divulged, but Fortune magazine placed its worth at $385 million.