Tull ends bid to buy Padres

The list of potential buyers for the Padres has been reduced by one -- movie mogul Thomas Tull has withdrawn his bid.

Tull, CEO of Legendary Pictures, was set to advise his financial partners of his decision Tuesday afternoon. Padres Hall of Famer Tony Gwynn, who had joined Tull's group, had no financial stake in the Tull bid.

"It doesn't economically make sense," a source told the UT San Diego Tuesday in explaining Tull's decision.

The source, intimately familiar with Tull's thinking, said the group made a "respectable" offer but added that the amount of money needed to buy the club did not feasibly leave enough money to improve the product on the field.

Three bidders reportedly remain for the club, including a group led by former Dodgers owner Peter O'Malley that includes Hall of Fame golfer Phil Mickelson. The Foxsports.com website cited a source saying the other two bidders are a businessman from Orange County and a private equity investor from Los Angeles but declined to identify them further.