According to Ken Rosenthal of Fox Sports, the San Diego Padres will be sold to a investor group which includes former Los Angeles Dodger owner Peter O’Malley, his two sons, two nephews and PGA star Phil Mickelson.

The deal — valued at $800 million, including $200 million for a portion of the team’s equity stake in FOX Sports San Diego — is pending approval by baseball and completion of contractual terms within the next two weeks, Fox news added, quoting a source familiar with the pending sale.

If all goes according to plan, the group will receive approval at the owners’ meetings in August and close the deal simultaneously, according to the source.

While no details were revealed on how much Mickelson will contribute for his stake of the Padres, the 42-year-old lefty reportedly pocketed a whopping $48 million in winnings, endorsement and other income between May 2011 and May 2012 alone — meaning it’s safe to say he will be able to handle his ownership capital expectations.

“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.”

via CBS Sports

Phil Mickelson Padres Deal: Golfer’s $800M Bid for MLB Team Reportedly Accepted is a post from: The Inquisitr