Padres Sale Approved In Record $3.9 Billion Deal

The San Diego Padres are set for a new ownership era after Major League Baseball owners unanimously approved the transfer of control to a group led by investor José E. Feliciano and his wife and business partner, Kwanza Jones. The deal values the franchise at $3.9 billion, making it the most expensive sale of an MLB team to date.

The approval came Monday through a conference call involving the league’s team owners. The transaction still requires formal closing, which is expected to take place in the coming weeks, but the vote removes the main league-level hurdle to the change in control.

A Record Valuation For An MLB Franchise

The $3.9 billion valuation surpasses the previous MLB record set in 2020, when Steve Cohen paid approximately $2.42 billion for the New York Mets. The new figure reflects the continued increase in the value of major professional sports franchises and places the Padres among the most valuable assets in the baseball industry.

Feliciano, co-founder and managing partner of investment firm Clearlake Capital, has been designated as the Padres’ control person under MLB governance rules. Jones, an entrepreneur and investor, will be his partner in the ownership group and in the operation of the franchise.

The transition transfers control from the family of the late Peter Seidler, who acquired the Padres in 2012 for roughly $800 million. Seidler died in November 2023 after overseeing a period in which the organization significantly increased its investment in players and reached the playoffs four times in six seasons.

Padres Leadership Structure To Remain In Place

The new ownership group is not expected to immediately alter the Padres’ day-to-day baseball leadership. Erik Greupner will remain the team’s chief executive officer, while A.J. Preller will continue as president of baseball operations and general manager.

Keeping the existing leadership structure provides continuity as the franchise moves from the Seidler family’s ownership to Feliciano and Jones. The new owners have said they intend to build on the organization’s existing foundation while pursuing the goal that has eluded San Diego throughout its history: winning its first World Series championship.

MLB Commissioner Rob Manfred thanked the Seidler family for its stewardship of the Padres and welcomed Feliciano and Jones following the unanimous vote. The change in ownership comes as the franchise continues to compete in a market where baseball has become an important part of San Diego’s professional sports identity.

New Owners To Be Introduced In San Diego

Feliciano and Jones are scheduled to make their official public appearance as the Padres’ new owners on August 24 at Petco Park, the team’s downtown San Diego stadium.

The presentation will mark the formal beginning of the next chapter for the franchise. For the Padres, the immediate challenge will be balancing the continuity of the current baseball operation with the ambitions of an ownership group that has publicly emphasized competitiveness and the pursuit of a championship.