Padres Reach Agreement to Sell Team at Record $3.9B Valuation, Will Require MLB Approval

The family of late former San Diego Padres owner Peter Seidler announced Saturday that it reached an agreement to sell the franchise to a group led by Kwanza Jones and José E. Feliciano.

According to ESPN, the sale price is believed to be at a $3.9 billion valuation, and the deal is pending approval by Major League Baseball.

Jones and Feliciano will reportedly own 40 percent of the Padres if the transaction is confirmed, and the Seidler family is expected to maintain a minority stake in the team.

If the sale goes through, it will top the $2.4 billion sale of the New York Mets to Steve Cohen in 2020 as the largest in MLB history.

Padres chairman John Seidler said in a statement that he has "full confidence" Jones and Feliciano share his vision of bringing a World Series title to San Diego.

Jones and Feliciano also released a joint statement regarding their impending purchase of the Padres:

"The Padres are more than a baseball team; they are a unifying force in San Diego, rooted in community, connection and belonging," Jones and Feliciano said. "As life and business partners, and as a family, we are honored to lead this next chapter together. We have worked hard for everything we have achieved, and we have built it together. We see that same spirit in this team and its fans, and we know what it takes to win. We are committed to showing up, listening and earning the trust of this community while building on the strong foundation established by the Seidler family.

"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. We are all in—with the goal of bringing a World Series championship to San Diego."

The new Padres ownership group already has roots in the sports world, as Feliciano is part of the ownership group for English Premier League club Chelsea.

Peter Seidler was part of an ownership group that bought the Padres in 2012, and he became the chairman and majority owner in 2020 when he purchased Ron Fowler's stake in the team.

Seidler died at the age of 63 in November 2023, and his family began discussions regarding the sale of the Padres two years later.

The Padres joined MLB as an expansion team in 1969, and although they have yet to win a World Series, they reached the World Series twice and have made it to the playoffs on nine occasions.

They are arguably in the midst of their most successful stretch in franchise history, as the Padres have made back-to-back playoff appearances and four in the past six seasons.

So far this season, the Padres are second in the National League West with a 19-12 record, just a half-game behind the reigning, two-time World Series champion Los Angeles Dodgers.

If the Padres make it back to the playoffs this season, it will mark the first time in franchise history that they have reached the postseason in three straight years.