A source familiar with ongoing discussions confirmed to The Associated Press that the family of deceased San Diego Padres owner Peter Seidler is approaching completion of the team’s sale.
The individual requested anonymity due to the organization’s decision not to publicly discuss the transaction process.
According to initial reporting by The Wall Street Journal, the pending agreement involves private equity magnate Jose E. Feliciano and his spouse, Kwanza Jones. The franchise is anticipated to fetch $3.9 billion, establishing a new benchmark for Major League Baseball team valuations and significantly exceeding the roughly $2.4 billion Steven Cohen spent acquiring the New York Mets in 2020.
Feliciano, age 53, serves as co-founder and managing partner of Santa Monica, California-based Clearlake Capital, a private equity company. His firm participated in the investment consortium that acquired Premier League soccer club Chelsea in 2022, with Los Angeles Dodgers minority stakeholder Todd Boehly assuming the role of Blues chairman.
The Seidler family initiated discussions about divesting the Padres this past November, marking two years since beloved owner Peter Seidler’s passing. His sibling, John Seidler, has occupied the chairman position during the interim period.
Peter Seidler joined an ownership group that acquired the Padres in 2012, eventually becoming the franchise’s controlling owner in 2020. He captivated San Diego baseball enthusiasts through his willingness to invest heavily in pursuit of the organization’s inaugural World Series championship, while general manager A.J. Preller assembled competitive rosters that secured playoff berths in four of the previous six campaigns — an unprecedented achievement in franchise history.
The substantial asking price for the Padres stems from their status as San Diego’s sole representative among North America’s four premier professional sports leagues, cultivating devoted supporters who pack the scenic downtown Petco Park facility. The organization has established new attendance benchmarks during each of the last three seasons, culminating in last year’s remarkable total of 3,437,201 spectators — ranking second nationally behind only the Dodgers, who benefit from their considerably larger venue in Chavez Ravine.
Born and raised in Puerto Rico, Feliciano pursued his education at Princeton and Stanford universities before establishing Clearlake Capital two decades ago.
