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The San Diego Padres are expected to soon have new owners.
On Saturday, the MLB franchise reached an agreement to sell a majority stake in the team to an investment group led by Puerto Rican businessman José E. Feliciano and his wife, Kwanza Jones.
The family of late owner Peter Seidler, which makes up the Padres’ current ownership group, confirmed the deal. The decision to ditch the team comes three years after Seidler’s death. John Seidler has been president of the Padres since his brother died.
The deal will not become official until it receives approval from the league. Last month, it was revealed that the Padres have a valuation of $3.9 billion. Although a sale price was not specified in the announcement, given the valuation, the transaction is expected to set a record as the highest price paid for an MLB franchise, surpassing Steve Cohen’s $2.42 billion acquisition of the New York Mets in 2020.
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San Diego Padres’ Manny Machado, left, waves to the crowd after hitting a single, his 2,000th career hit, during the fourth inning of a baseball game against the Arizona Diamondbacks, Monday, July 7, 2025, in San Diego. (AP Photo/Orlando Ramírez)
Other members of the investment group were not named. In a joint statement, Jones and Feliciano are “a unifying force” in San Diego and pledged to build on the franchise’s foundation.
HERE’S WHAT THE SAN DIEGO PADRES’ RECORD $3.9 BILLION SALE MEANS FOR MAJOR LEAGUE BASEBALL
“The Padres are more than a baseball team; they are a unifying force in San Diego, rooted in community, connection and belonging. As partners in life and business, and as a family, we are honored to lead this next chapter together. We have worked hard for everything we have accomplished and 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 as we build on the solid foundation established by the Seidler family.”
The group added that its commitment encompasses both success on the field and significant community impact.
A general view of Petco Park during the game between the Detroit Tigers and the San Diego Padres on March 26, 2026, in San Diego, California. (Rob Leiter/MLB Photos via Getty Images)
“This is more than baseball: it’s about increasing the pride, energy and connection that define the Padres, investing in the community, deepening belonging and ensuring this team remains accessible and lasts for generations. We are all involved, with the goal of bringing a World Series championship to San Diego.”
Peter Seidler joined the Padres ownership group in 2012 when John Moores sold the team for $800 million to a group led by Ron Fowler. Seidler took over and immediately endeared himself to San Diego fans with his aggressive financial backing of general manager AJ Preller.
The Padres have been a hot topic for several years as the only San Diego team in the four major North American sports leagues, ranking second in the MLB in attendance last season.
San Diego Padres players listen to the national anthem before opening day against the Detroit Tigers at Petco Park in San Diego, California, on March 26, 2026. (Meg McLaughlin/The San Diego Union-Tribune)
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The Padres are off to a good start, sitting in second place in the NL West at 19-13, entering the end of a three-game series Sunday afternoon against the Chicago White Sox. The team has made the playoffs in four of the last six seasons.
Feliciano is on track to become the second Latino owner in baseball, joining Los Angeles Angels owner Arte Moreno.
