Seidler Family Announces Agreement To Sell Padres To Billionaire

SAN DIEGO, CA — The Padres announced Saturday that the Seidler family has entered into a definitive agreement for the sale the franchise to a new group led by private equity billionaire José E. Feliciano and his wife Kwanza Jones.

The sale price was not announced. The Wall Street Journal reported on April 17 the sale price was $3.9 billion, the most for a Major League Baseball team. The previous record was $2.4 billion for Steve Cohen's $2.4 billion purchase of the New York Mets in 2020.

"Our family loves this team," Padres Chairman John Seidler said in a statement. "This is a bittersweet moment for us as we reflect on what the Padres have accomplished since my brother Peter became the steward of the franchise. I congratulate Kwanza, José and the Padres, and wish them nothing but success. We look forward to a smooth transition."

The Seidler family has owned the Padres since 2012. In November, it announced it was beginning a formal process to explore strategic options, including the possible sale of the franchise. Peter Seidler, the team's CEO and a younger brother of John Seidler, died in 2023, prompting a murky and at times contentious battle over ownership of the team, with infighting and lawsuits between Seidler's widow, Sheel, and his siblings.

Feliciano and Jones won the franchise during what Seidler described as "a highly competitive process."

"When I became control person, my goal was to continue building on our recent success in pursuit of a World Series championship for the city of San Diego and our faithful fans," Seidler said.

"Now, as I pass the baton to Kwanza and José, I do so with full confidence that they share that vision, as well as the Padres deep commitment to San Diego. It's what the team, our fans and the community deserve."

The Padres have never won a World Series championship. They entered the National League in 1969.

The agreement was subject to approval by Major League Baseball and customary closing conditions, a Padres spokesman said.

Jones and Feliciano issued a joint statement saying, "The Padres are more than a baseball team; they are a unifying force in San Diego, rooted in community, connection and belonging. As life and business partners, and as a family, we are honored to lead this next chapter together.

"This is about more than baseball -- it's about boosting the pride, energy and connection that define the Padres, investing in community, deepening belonging and ensuring this team remains accessible and endures for generations, Jones and Feliciano said. "We are all in -- with the goal of bringing a World Series championship to San Diego."

The Padres will continue to operate in the ordinary course throughout the MLB approval process with no changes to day-to-day business operations, according to the statement announcing the sale.

Feliciano is a co-founder of the Santa Monica-based Clearlake Capital Group, the majority shareholder of the parent company of Chelsea of the English Premier League.

City News Service