Report: Padres nearing deal to be sold for MLB-record $3.9B

The San Diego Padres are closing in on an agreement to be sold to private-equity billionaire José E. Feliciano and his wife, Kwanza Jones, sources told Jared Diamond and Miriam Gottfried of The Wall Street Journal.

The deal values the Padres at around $3.9 billion and is expected to be announced early next week, according to Diamond and Gottfried.

The reported sale would shatter the MLB record for a franchise valuation, surpassing the previous mark set by Steve Cohen when he purchased the New York Mets for $2.4 billion in 2020.

Feliciano, who was born in Puerto Rico, is a co-founder and managing partner of Clearlake Capital and co-controlling owner of the Premier League's Chelsea F.C., while Jones is the CEO of Supercharged. The duo reportedly beat out Golden State Warriors owner Joe Lacob and businessman Dan Friedkin, as well as other bidders for the Padres.

Multiple offers for the franchise exceeded $3.5 billion, sources told Diamond and Gottfried.

The Seidler family has owned the Padres since 2012. However, a legal battle between family members for control of the team ensued following the death of chairman and owner Peter Seidler in November 2023. Those issues have been largely resolved as of February.