"We have entered into an agreement to sell the Triple-A franchise to an ownership group led by Jeff Moorad, owner of the San Diego Padres," said Paulson, who bought the team in 2007.
Paulson's statement indicated that "the deal is expected to close in December of this year."
The sale is conditional upon the approval of Major League Baseball.
According to the Padres, there will be no immediate comment regarding the relocation of the Triple-A team.
Paulson sold the team because PGE Park in downtown Portland is currently undergoing renovations. It's being converted into a soccer-specific facility that will accommodate a Major League Soccer team, the Portland Timbers, in 2011.
According to Baseball America, the Beavers will move to Tucson, where they will play for at least one season before moving to a permanent home and a new ballpark in Escondido, Calif. -- where Moorad's North County Baseball group has been negotiating a ballpark project with city officials.
According to the San Diego Union Tribune, the Escondido City Council was expected to enter into a Memorandum of Understanding to build the ballpark on Wednesday. However, the vote was delayed until later this fall as negotiations continue.