O’Malley is the son of Walter O’Malley, who bought the Brooklyn Dodgers in 1950 and moved them to Los Angeles before the 1958 season.

U-T San Diego first reported Monday night that a purchase agreement had been signed.

The purchase price is believed to be around $800 million and apparently includes the $200 million in upfront money the Padres received from Fox Sports San Diego in a $1.2 billion, 30-year TV deal.

The agreement, which must be approved by MLB owners, comes months after Jeff Moorad’s attempt to buy the team on a layaway plan fell apart.