The San Diego Padres are finalizing a sale to private-equity billionaire José E. Feliciano and his wife Kwanza Jones for a record $3.9 billion, topping the previous MLB high set by Steve Cohen’s purchase of the New York Mets in 2020.
The deal, first reported by The Wall Street Journal and confirmed by ESPN, values the franchise at more than four times its 2012 purchase price of $800 million by a group led by the late Peter Seidler, whose family has controlled the team since.
Feliciano, 53, co-founded Clearlake Capital in 2006, which now manages over $90 billion in assets. He previously partnered with Todd Boehly — a part-owner of the Los Angeles Dodgers — to buy Chelsea Football Club for $3.16 billion in 2022, though ESPN notes the actual purchase price was $5.24 billion when including the full consortium.
Jones, a Princeton graduate and lawyer, will take an ownership stake alongside her husband, making them the first Puerto Rican-born and first Black female owners of a major North American sports franchise.
The Padres have reached the postseason four times in the last six seasons and ranked second in MLB attendance in 2025, trailing only the Dodgers despite playing in a stadium with roughly 13,000 fewer seats.
Under Seidler’s leadership, payrolls exceeded $200 million annually from 2021 to 2023, enabling the signing of stars like Manny Machado, Fernando Tatis Jr., Xander Bogaerts, and Yu Darvish, which helped transform Petco Park into one of baseball’s most vibrant atmospheres.
The sale process began after Seidler’s death in November 2023, which triggered a legal dispute between his widow and siblings over control, eventually leading the family to explore a sale two years later.
Feliciano and Jones prevailed over competing bids from Detroit Pistons owner Tom Gores, Golden State Warriors owner Joe Lacob, and Everton owner Dan Friedkin, according to The Athletic as cited by ESPN.
Despite the team’s on-field success and strong fan engagement, the Padres have operated without a local television contract since early 2023, a gap that has strained revenues but may be alleviated by MLB’s planned centralization of local media rights by 2028.
The franchise carries significant debt, with sources indicating the new owners will assume hundreds of millions in liabilities, though the record valuation reflects the rarity of a major-market baseball team available for sale in a metro area without competing NFL, NBA, or NHL franchises.
Before closing, the transaction requires approval from at least 75% of MLB’s ownership — 22 of the other 29 teams — with the next owners’ meetings scheduled for June, allowing time for league scrutiny amid upcoming collective bargaining negotiations.
Feliciano has emphasized alignment with fan success as a path to value, telling an industry conference after the Chelsea purchase that “the best way to make our club more valuable is to win,” a sentiment echoed by local reporters who note San Diego fans expect continued investment in competitiveness.
What happens if MLB owners reject the sale?
If fewer than 22 of the 29 MLB owners approve the transaction, the sale would be blocked, potentially forcing the Seidler family to restart the process or reconsider alternatives, though sources indicate broad confidence in clearance given Feliciano’s sports ownership background and financial standing.
How will the debt affect the team’s payroll flexibility?
While the new owners will assume hundreds of millions in debt, sources suggest the purchase price and projected revenue streams — including potential relief from MLB’s local media centralization — are structured to maintain competitive payrolls without immediate cuts, though long-term flexibility will depend on revenue growth and debt servicing.
