SAN FRANCISCO

FRIDAY'S SHIFT IN the San Francisco Giants' ownership structure nearly brought tears to the sad, blue eyes of Peter Magowan.

He claimed he was "happy" and "relieved" to announce his retirement as the team's managing general partner, effective at season's end.

But he looked heartbroken, as if someone had stolen his beloved puppy. It was a sullen look, reminiscent of a scene eight months earlier when he stood teary-eyed in the Giants clubhouse after Barry Bonds' final home game.

A hero's send-off for Magowan, this wasn't. It should have been, though.

He's meant so much to the Giants. He spearheaded an ownership group that saved the club from moving to Tampa, Fla., in December 1992, and when the Giants did eventually move, it was in 2000 into a glistening, new waterfront stadium within walking distance of downtown San Francisco.

Wearing a familiar orange shirt beneath a gray blazer, Magowan claimed Friday that he's stepping down to spend more time with his 10 grandchildren and enjoy life more at his St. Helena home.

Those seem like All-American motives. But you can't help but wonder whether his connection to baseball's steroid era — and, specifically, his dealings with Bonds — robbed him of a longer tenure and a more festive send-off.

"I'm sure there's going to be a lot of you that will say there has to be other reasons, (such as) finishing in last place (in 2007), or the Bonds investigation

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(by the federal government), or the Mitchell Report, or Bud Selig, or whatever, whatever," Magowan said. "I will tell you, whether you believe it or not, that's not right. I'm leaving because I think the time is right for me and my family."

The timing comes four months to the day he got called out by Rep. Henry Waxman, D-Los Angeles, in a congressional hearing on baseball's performance-enhancing drug woes.

Rather than celebrate his reign, Magowan found himself defending his honor and downplaying the Mitchell Report's impact on his retirement.

"It didn't influence the decision. Did it bother me? Yes," Magowan said. "We had the opportunity to say to (former Senate majority leader George Mitchell) our side of the story. For whatever reason, our side of the story did not get into the Mitchell Report. I regret that. It's been difficult for us to say our side of the story publicly because there are too many problems, there's still legal trials going on, there are other considerations."

While Bonds is awaiting trial on federal perjury and obstruction of justice charges, Magowan seems quite ready to escape the headache created by the steroid era.

And thus he hands over his managing-partner title — and some, but not all, of his shares in the franchise — to Bill Neukom, a bow-tied, big-time lawyer who joined the Giants' ownership group in 1995 and has been a general partner since 2003. Executive vice president Larry Baer will be promoted to fill Magowan's role as club president.

Said Neukom: "This is a day of recognition, of thanks and gratitude, to Peter Magowan's stewardship of one of baseball's great franchises. Stop and think about what this franchise looked like in 1992, and look at what has happened since, all of it on his watch."

Senior general partner Sue Burns still owns more shares than any partner, but Magowan let everyone know Friday that he yielded full power among the 30-partner group.

"That's the only way it can work. This is not a democracy," Magowan said. "Bill will have all the powers I had. He will make the decisions. He will represent the partnership."

Magowan has represented the Giants quite well. Think about what fans want from their team's owner. No looming threat of relocation? Check. A nice stadium? Check. A perennial shot at a pennant? Check (at least up until the last couple seasons). As for a steroid scandal, that's not recommended, but it sure didn't keep fans away from the yard.

The bookends of Magowan's tenure feature baseball's all-time greatest free-agent signing (Bonds in December 1992) and possibly its all-time worst (Barry Zito in December 2006). While Magowan stood by his controversial re-signing of Bonds for 2007, he admitted how awful it appears to have signed Zito to a $126 million deal.

"The Barry Zito signing, you have to say at this point, is clearly a failure," Magowan said.

As for Magowan's own tour of duty, it was far from a failure. Even Selig, baseball's commissioner, issued a statement hailing how Magowan "will always be remembered" in the Bay Area for saving the Giants and building "the beautiful ballpark by the Bay."

Magowan indeed recalled the elation he felt by keeping the Giants in San Francisco. When it came to rehashing the bad memories, he didn't bring up steroids or scandals but rather season-ending nightmares and playoff failures, including how they fell painfully short in the 2002 World Series.

Yes, those were tough times for Giants fans. But imagine how many more tears would have been shed if those Giants had moved 15½ years ago, or if AT&T Park hadn't been built, or if Magowan hadn't successfully presided over the Giants' rebirth.

Reach Cam Inman at cinman@bayareanewsgroup.com.