SAN DIEGO -- The San Diego Padres' new downtown home will be known as PETCO Park, owner John Moores announced Wednesday, calling the multimillion-dollar naming rights deal "the perfect partnership for two San Diego institutions."

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Moores, PETCO executives, and Mayor Dick Murphy were joined by "Eddie," aka Moose, from the TV show "Frasier."

Moores called PETCO a "a very important and desirable new corporate partner."

"We share a commitment to the San Diego community and a focus on family values," he said. "If there is any pastime that is as American as baseball, it is caring for the family pets, so this is the perfect partnership for two San Diego institutions."

The deal provides a "national branding opportunity" for PETCO, said company President Brian Devine.

It departs from other naming rights agreements in recent years, which have been with industries with a history of sports sponsorship, such as breweries, airlines and energy companies, said Steve Violetta of the Padres.

"We are very excited about the possibilities for the fan- and family-friendly environment we can create at PETCO Park," said Padres President Dick Freeman.

He called this "an opportunity to break new ground in the relationship between a ball club and its naming rights partner," and said the result will be "fun for the fans and beneficial for San Diego."

The sponsorship agreement, which includes naming rights and other joint marketing opportunities, will run for 22 years.

Financial terms were not disclosed, but according to the Union-Tribune a source said $60 million would be a low figure. That would make it one of the richest such deals in Major League Baseball history.

Qualcomm Stadium, the other major sports venue in San Diego, also is named for a local company.

PETCO Park is on schedule to open in April 2004 in the East Village area of downtown.

Both the Padres and the pet supply chain were founded in San Diego in the 1960s.

Since 1965, PETCO has grown to 600 stores in 43 states, with 135 in California and 20 in the San Diego area. The Padres made their big league debut in 1969 at what is now Qualcomm Stadium.