The class was given a great opportunity during a period of our accounting class this semester with Dr. DeBoskey in which Ronda Sedillo, the CFO of the Padres, came in to talk to us about her work within the organization as well as the functions of the team as a whole. She also shared with us her career path into the position she holds now. Ronda grew up in San Diego and completed her undergraduate accounting degree at San Diego State University. Upon graduation she began work for PricewaterhouseCoopers, serving as a tax manager for much of her tenure there. She then moved on to Arrowhead General Insurance Agency (AGIA) where she oversaw the sale of the company to a publicly traded conglomerate. She accredits some of her move into baseball to timing and connections.
She shared that she was looking for a career change and knew the owner of the team’s wife through community events and was granted the opportunity to interview for the top accounting position. She is now in her third season as CFO of the Padres and claims that she sees herself retiring in this position. During he time in the classroom, Ronda discussed with the class some of the financial details of building the new stadium, transitioning ownership, and signing new high profile players to the roster. One of the most interesting parts that she explained to us was about the revenue sharing that was in place between the city, who primarily owns the building, and the team, who leases the building, as a split of 70/30.
This means the Padres retain 70% of the net profit during the season and the city receives the remaining 30%. However, that split is switched during the off season giving the city 70% of the net profit. This has proven to be a problem in previous years because the Padres operations team was not incentivized to host events in the off season with the disproportionate amount of earrings being given to the city. Last year however, they changed to a revenue sharing of 70% going to the Padres all year long. This has proven to be very successful for both parties because many more events have been held at Petco Park such as concerts, Baseball Winter Meetings, and even Comicon over the past few years making it a year round facility and destination.
Overall, Ronda’s visit to class was very informational and interesting. We really enjoyed the opportunity to interact with a high level officer in the Padres organization and were very appreciative of the opportunity she afforded us to learn from her experience!