Waves to Drop to Division 3

The Orange County Waves professional soccer team is dropping from the A-League to the D3 Pro League, owner Steve Peacock said Wednesday.

Peacock also said his Northern California franchise, the Bay Area Seals, will drop from the A-League to D3. The moves allow Peacock’s flagship team, the A-League San Diego Flash, to remain afloat. Peacock, who runs a venture capital company in Riverside County, also owns the D3 Riverside Elite. He said the move lowers his operating costs by two-thirds.

“If I had it do all over again, I would start at the Division 3 level,” Peacock said. “We were looking to finish last season with dignity. Looking at the wreckage of the past season, it made the decision easy.”

Peacock, who said the team will continue to play its home games in Santa Ana Stadium, will cut his overhead by reducing player salaries, travel expenses and league fees.