Diamondbacks CEO Moorad Resigns; To Pursue Padres Purchase

January 3, 2009 7:15 p.m. EST

Phoenix, AZ (AHN) - Arizona Diamondbacks Chief Executive Officer Jeff Moorad resigned from his post to pursue his purchase plans of the San Diego Padres.

Moorad, who reportedly heads a "small but significant" group of investors, has reached an agreement in principle with the owners of the Padres regarding the sale.

The transaction is expected to be completed in the next three months.

Once the Padres deal is finalized; Moorad would be the majority owner of the club.

He would then have to sell his share of ownership of the Diamondbacks.

In 2004, Moorad purchased a share of the Diamondbacks, but let Ken Kendrick continue serving his post as managing partner, representing the team in league ownership issues.

He did that reportedly in order to allay fears concerning his interest as an agent and as owner of the team.

Moorad represented several major sports personalities, including baseball's Manny Ramirez and Eric Karros.

Such concerns were later completely erased especially by Moorad's performance as CEO of the D-backs.

Expected to replace Moorad would be Derrick Hall, President of the D-backs.

Hall is only one of the many of the current top officials of the club that were lured by Moorad upon assuming the position in 2004.