Source: Padres finalizing sale for MLB-record $3.9 billion
ESPN • • sports
Key Points:
- The San Diego Padres are set to be sold for a record $3.9 billion to Jose E. Feliciano, co-owner of Chelsea Football Club, and his wife, Kwanza Jones, pending approval by Major League Baseball owners.
- This sale price surpasses the previous MLB franchise record of $2.4 billion, set in 2020 when Steve Cohen bought the New York Mets.
- Feliciano, co-founder of Clearlake Capital, and Jones outbid three other major bidders, including NBA team owners Tom Gores and Joe Lacob, to acquire the Padres from the family of the late Peter Seidler after 14 years of ownership.
- The Padres have grown into a financially strong franchise under Seidler's leadership, with high payrolls and star players, but have faced recent legal battles and revenue challenges due to the lack of a local media contract since early 2023.
- Feliciano and Jones bring strong business and philanthropic backgrounds, with Feliciano’s private equity experience and Jones’ media and personal development ventures, and are expected to continue the Padres’ community engagement and competitive ambitions.
