The Morning Report
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Two private equity firms have gained approval from Petco Animal Supplies Inc. – the company that owns naming right to the downtown ballpark – to acquire the company for $1.8 billion, according to news reports.
It is unclear whether the acquisition by the two firms n Leonard Green and Partners and Texas Pacific Group – will result in any name change to Petco Park.
When contacted this morning, a Padres spokesman said that the media relations department was not even aware of the acquisition and did not know whether the stadium’s name might change.
Kevin Whalen, a spokesman for San Diego-based Petco, told City News Service that he could not affirmatively say whether there might be a name change.
“Nobody can speculate about the future, but there is a contract in place,” Whalen told CNS. “The company is still here.”
Petco’s board of directors has approved the acquisition but it still must pass a vote of the company’s shareholders.
– SAM HODGSON