The details have yet to be worked out, but as far as Major League Baseball Commissioner Bud Selig is concerned the most recently proposed sale of the San Diego Padres is a good one. In a press conference he called the proposed sale “an excellent development for baseball.”

Although most fans consider baseball a sport worthy of being called “America’s pastime,” it is still a business. Any business purchase is so much more than saying “I’ll take it” and signing a check — especially a business of this size. So while Bud Selig says that the proposed purchase is a good one, the process has only just begun.

The proposed purchasers are a longstanding baseball family. Walter O’Malley once owned the Los Angeles Dodgers. Now, his grandchildren plan to take over the tradition, bidding for the team. “San Diego fans deserve great ownership and I think the O’Malley tradition in baseball is remarkable,” Selig said in a press conference call made to discuss the upcoming All-Star Game.

There are rumors that include the $1.2 billion television agreement with Fox Sports San Diego. The agreement is for a term of 20 years and the San Diego Padres already received $200 million which is rumored to likely be included as a part of the sale.

Business purchases of this size require serious attention to detail not only in the drafting of the agreement but in the due diligence required prior to the purchase and the negotiations leading up to it. As we said above, the details have not yet been fully addressed, but Selig believes that “all will be worked out.”

Source: U-T San Diego, “Selig likes idea of O’Malleys owning Padres,” Bill Center, July 2, 2012