Beloved MLB Franchise Nearing $3.9 Billion Record Sale
The San Diego Padres are approaching a record-breaking sale of $3.9 billion to Chelsea Football Club owner Jose E. Feliciano and his wife, Kwanza Jones, according to an initial report from the Wall Street Journal.
The family of late Padres owner Peter Seidler put the team up for sale in November. This impending sale will end a 14-year ownership tenure.
The previous record price for an MLB sale was $2.4 billion, when Steve Cohen bought the New York Mets in 2020.
Before the deal is finalized, 75% of MLB's owners must approve the sale at the next owners meetings scheduled for June. Should the deal go through, Feliciano will be designated as the controlling owner.
BREAKING: The San Diego Padres are nearing a deal to be sold to private-equity billionaire José E. Feliciano and his wife Kwanza Jones at a MLB-record valuation of around $3.9 billion.
— Jared Diamond (@jareddiamond) April 17, 2026
News with @miriamgottfried.https://t.co/nStdAXFcQ2
Feliciano is the co-founder and managing partner of Clearlake Capital, a private equity firm based in Santa Monica, California.
Feliciano and Jones outbid three other buyers, according to a report from The Athletic. The other bidders were Detroit Pistons owner Tom Gores, Golden State Warriors owner Joe Lacob and Everton Football Club owner Dan Friedkin.
John Seidler, current chairman of the Padres, discussed the sale of the team when speaking to reporters at spring training.
"We would like to see somebody with ties to San Diego, a deep love of San Diego, and who grew up with baseball, so that they can continue doing the work that we do in the community and providing a product on the field that the fans enjoy," he said.