Padres Reportedly Nearing Historic $3.9B Sale, Would Break MLB Record Set by Cohen, Mets

Five months after the Seidler family announced they were exploring a sale of the San Diego Padres, a historic deal is reportedly close to being finalized.

Per Jared Diamond and Miriam Gottfried of the Wall Street Journal, José Feliciano and Kwanza Jones are closing in on buying the Padres for an MLB-record $3.9 billion.

The sale price would shatter the previous MLB record of $2.4 billion that Steve Cohen paid for the New York Mets in 2020.

The $3.9 billion price tag will make the Padres the seventh-most expensive U.S.-based sports franchise sold, sandwiched between the Phoenix Suns/Phoenix Mercury at $4 billion and Dallas Mavericks at $3.5 billion.

Peter Seidler had been the primary stakeholder in the Padres from 2020 until his death in 2023. He originally purchased a share of the franchise, along with Peter O'Malley and Ron Fowler, in 2012.

Following Seidler's death in November 2023, ownership of the franchise transferred to the family trust. John Seidler, Peter's brother, has been the figurehead for the organization.

The Seidler family announced in November they were exploring various "strategic" options with the Padres, including a potential sale.

Peter was the driving force behind the Padres' aggressive spending, particularly in 2022 and '23 when they had a top-five payroll in MLB. The 2023 season saw the team spend a franchise-record $248.9 million.

San Diego cut $86 million from its payroll in 2024, bringing it down to $164.5 million. It has been back over the $200 million mark in each of the last two seasons.

Feliciano is a co-founder and managing partner of Clearlake Capital. The organization's website describes its business as a global investment firm that manages "integrated platforms spanning private equity, liquid and private credit and other related strategies.

Forbes estimates Feliciano's net worth at $3.9 billion. He is part of the consortium that owns a majority stake in Chelsea FC.