TUCSON, Ariz. -- It was announced today that the ownership group headed by Padres vice chairman and CEO Jeff Moorad has completed its purchase of the Padres' Triple-A affiliate. The Tucson Padres, formerly the Portland Beavers, will play in Tucson, Ariz., for at least the 2011 baseball season.

"Our ownership group is happy to have finalized our purchase of the Padres' Triple-A affiliate, so we can move forward with planning for 2011 and beyond," said Moorad. "We would like to thank the Pacific Coast League and Minor League Baseball for working with us to ensure the purchase process went as smoothly as possible."

The Tucson Padres have finalized a lease with the Pima County Sports & Tourism Authority to play their 2011 season at Kino Stadium, formerly Tucson Electric Park. The agreement could be renewed for 2012, depending on the construction progress of a new ballpark in Escondido, Calif., which aims to be the eventual long-term home of the Padres' Triple-A club.