San Diego’s Major League Baseball franchise has reached a historic ownership deal, with the Padres announcing Saturday they will be sold to a partnership led by married investors Kwanza Jones and Jose E. Feliciano for an unprecedented $3.9 billion.
The groundwork for this transaction was established in April according to various news outlets, though the deal must still receive approval from three-quarters of MLB’s ownership group to become official. That crucial vote is expected to take place during the league’s next quarterly ownership gathering in June.
Should the sale receive the green light, it would demolish the existing record for a baseball franchise purchase, surpassing Steve Cohen’s $2.42 billion acquisition of the New York Mets in 2020.
“The Padres are more than a baseball team; they are a unifying force in San Diego, rooted in community, connection, and belonging,” the married couple expressed in a joint statement distributed by the organization. “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,” they added.
Feliciano, who founded Clearlake Capital and serves as a billionaire private equity executive, also holds partial ownership in Chelsea FC of England’s Premier League. Both he and Jones participated in the bidding process organized by the Seidler Family for the team’s purchase.
The franchise’s long-standing owner Peter Seidler passed away in 2023, leaving the family divided regarding team control. His brother John Seidler, who currently serves as the Padres’ chairman, announced in November that the organization would be put up for sale. Forbes valued the Padres at $3.1 billion heading into the 2026 season.
Through Clearlake Capital, Feliciano controls more than 60% of Chelsea’s ownership.
“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,” Jones and Feliciano stated.
“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 organization has not disclosed specific purchase terms or detailed information about the investment group. ESPN and The Athletic have reported that Feliciano and Jones will hold up to 40% ownership stake in the franchise, while certain Seidler family members and associates will retain some equity.
According to The Athletic’s reporting, the incoming ownership will purchase approximately 60% of the team, with additional investors anticipated to include San Diego’s Jacobs family, led by Qualcomm co-founder Irwin Jacobs, and the Sycuan Band of the Kumeyaay Nation. The publication also indicates that a group featuring Hall of Fame quarterback Drew Brees and Vuori investor Michael Persall may join as investors.
Feliciano is projected to assume the role of control person, taking over from John Seidler, who is Peter Seidler’s older brother.
“I’m thrilled that after a highly competitive process, Kwanza Jones and Jose E. Feliciano will become the next majority owners of the Padres,” John Seidler commented. “When I became control person, my goal was to continue building on our recent success in pursuit of a World Series championship for the city of San Diego and our faithful fans. Now, as I pass the baton to Kwanza and Jose, I do so with full confidence that they share that vision, as well as the Padres deep commitment to San Diego. It’s what the team, our fans, and the community deserve.”
“Our family loves this team,” he added. “This is a bittersweet moment for us as we reflect on what the Padres have accomplished since my brother Peter became the steward of the franchise. I congratulate Kwanza, Jose, and the Padres, and wish them nothing but success. We look forward to a smooth transition.”
