San Diego, CA (My Sportsbook) - A group led by Jeff Moorad, former CEO of the Arizona Diamondbacks, has signed a contract with San Diego Padres majority owner John Moores to eventually purchase 100 percent ownership of the team.

The deal, which had been known for a while but was made official on Tuesday, will be completed over a span of five years and is still subject to the approval of Major League Baseball.

The deal initially sells one-third interest in the franchise to Moorad so until a controlling interest is purchased Moores will remain the Padres' control person, representing the club at owners' meetings and sitting on numerous committees.

"I anticipate that I'll remain the control person for three years," said Moores, who purchased the club in December of 1994 for $82 million. "[Moorad] has to reach a certain threshold of percentage of ownership before he becomes control person. And then that will be it for me."

Moorad had been a general partner and CEO of the Diamondbacks from 2004 until early this year. Before joining the Diamondbacks, Moorad served as player agent for such star athletes as Manny Ramirez, Will Clark, Steve Young, Warren Moon and Shawn Green. He brokered Ramirez's eight-year, $160 million contract with the Red Sox prior to the 2001 season.