Major League Baseball owners unanimously approved the San Diego Padres’ new ownership group on Monday.
Billionaire Jose E. Feliciano and his wife and business partner Kwanza Jones lead the group of investors that agreed this spring to acquire controlling interest in the team from the Seidler family at a record valuation of $3.9 billion.
The vote was conducted during a conference call. The approval remains contingent upon the final closing of the deal, which is expected in the weeks ahead.
“On behalf of Major League Baseball, I thank John Seidler and the entire Seidler family for their stewardship of the San Diego Padres,” commissioner Rob Manfred said in a news release. “Continuing the legacy established by the late Peter Seidler, the Padres reached the postseason four times in the last six years, energized one of baseball’s most passionate fanbases, and strengthened the Club’s role as a cornerstone of the San Diego community. We appreciate the Seidler family’s longstanding commitment to our National Pastime and their many contributions to the game.
“It is my pleasure to welcome Jose E. Feliciano and Kwanza Jones as the new majority owners of the Padres following today’s vote. Jose and Kwanza understand the unique place the Padres hold in San Diego and the powerful bond between the club and its fans. We look forward to their leadership of the Padres and to working with them to build on the club’s strong foundation in a market that is so important to Major League Baseball.”
The sale price would shatter the previous record for an MLB franchise established when Steve Cohen purchased the New York Mets for $2.42 billion in 2020.
Feliciano, who succeeds John Seidler as the new control person, is the founder of Clearlake Capital and part owner of the English Premier League’s Chelsea FC.
Longtime Padres owner Peter Seidler died in 2023. He had purchased the team in 2012 for $800 million.
The Padres have not announced terms on the purchase nor specifics on the investor group. Multiple reports indicated that Feliciano and Jones will have up to a 40% equity in the team.
The Athletic reported that the investor group also includes Padres minority owner Alfredo Harp Helu and Joey and Jesse Buss, the youngest sons of former Los Angeles Lakers owner Dr. Jerry Buss. Some members of the Seidler family are expected to retain a portion of their stakes in the franchise.
–Field Level Media
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