MLB owners unanimously approved the new ownership group for the San Diego Padres on Monday. Billionaire Jose E. Feliciano and his business partner Kwanza Jones head an investor consortium that agreed in spring 2024 to acquire a controlling stake in the franchise from the Seidler family at a record $3.9 billion valuation.
The approval was secured via conference call, though it remains contingent on finalizing the deal in the coming weeks.
“On behalf of Major League Baseball, I thank John Seidler and the entire Seidler family for their stewardship of the San Diego Padres,” Commissioner Rob Manfred stated. “Continuing the legacy established by the late Peter Seidler, the Padres reached the postseason four times in the last six years, energized one of baseball’s most passionate fanbases, and strengthened the Club’s role as a cornerstone of the San Diego community. We appreciate the Seidler family’s longstanding commitment to our National Pastime and their many contributions to the game.”
“It is my pleasure to welcome Jose E. Feliciano and Kwanza Jones as the new majority owners of the Padres following today’s vote. Jose and Kwanza understand the unique place the Padres hold in San Diego and the powerful bond between the club and its fans. We look forward to their leadership of the Padres and to working with them to build on the club’s strong foundation in a market that is so important to Major League Baseball.”
The $3.9 billion valuation surpasses the previous MLB franchise record set when Steve Cohen acquired the New York Mets for $2.42 billion in 2020.
Jose E. Feliciano, who takes over from John Seidler as the controlling owner, is Clearlake Capital’s founder and a part-owner of Chelsea FC in England’s Premier League. Longtime owner Peter Seidler, who died in 2023 after purchasing the team for $800 million in 2012, led the franchise through significant growth.
The Padres have not disclosed the purchase terms or detailed investor composition, though reports suggest Feliciano and Jones will hold up to 40% equity. According to The Athletic, the investor group also includes minority owner Alfredo Harp Helu and Joey and Jesse Buss, sons of former Lakers owner Dr. Jerry Buss. Some Seidler family members are anticipated to retain portions of their stakes in the franchise.
