MLB Approves Sale of San Diego Padres to Investor Group Led by José E. Feliciano and Kwanza Jones

Major League Baseball’s team owners have unanimously approved the sale of the San Diego Padres. The team will be sold to an investor group led by private equity billionaire José E. Feliciano and his wife and business partner, Kwanza Jones. The league made the announcement on Monday following a vote.

Feliciano and Jones reached an agreement in May to buy the Padres from the family of the late owner Peter Seidler. The valuation of the transaction set a new MLB record at $3.9 billion. The deal now awaits the official closing in the coming weeks.

Commissioner Rob Manfred stated, “José 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 Seidler family had announced its intention to explore selling the Padres in November. This was two years after Peter Seidler’s death. José Feliciano, age 53, co-founded Santa Monica-based private equity firm Clearlake Capital. He emerged as the Seidler family’s top choice in the competition for ownership.

According to MLB’s announcement, Padres CEO Erik Greupner and general manager A.J. Preller will continue to handle day-to-day operations.

Feliciano and Jones commented, “We are a family first, and becoming owners of the San Diego Padres means joining an even larger one. We are grateful to the Seidler family, and especially to Peter, for raising the expectations of what this franchise can achieve… Our ambition is clear: to bring a World Series championship to San Diego and build an enduring organization capable of competing for championships year after year. We intend to be engaged owners, bringing our energy, experience, and perspective while working alongside the talented team already in place. We are all in and committed to winning.”

Peter Seidler took majority control of the Padres in 2020, having joined their ownership group in 2012. He became a beloved figure in San Diego for his financial commitment to winning and his engagement with the fan base. Under Seidler’s leadership, the Padres significantly increased their payroll. This allowed Preller to build a competitive team that made four playoff appearances in the past six years. The team won at least 89 games in three of the last four seasons, marking the most successful stretch in franchise history.

Currently in a playoff race, the Padres won 17 of their last 22 games, reaching an NL wild-card position with a record of 67-58. Padres manager Craig Stammen expressed excitement about the new ownership, stating, “As far as the day-to-day operations, nothing changes for us. We’ve got to go out here and play the games, just like we have all season long. The ownership sale has been ongoing throughout the entire year. It doesn’t really affect the play on the field, but we’re excited to have José and Kwanza as part of the Padres.”

The new ownership group includes minority partners Joey and Jesse Buss, sons of former Los Angeles Lakers owner Jerry Buss. Coincidentally, the Buss siblings decided to sell their minority ownership stake in the Lakers to Josh Kushner and Bob Iger earlier Monday. Feliciano and Jones have praised the Padres as “a unifying force in San Diego, rooted in community, connection, and belonging.” They have been seen attending Padres games in San Diego and Mexico City.

Outfielder Jackson Merrill expressed trust in the new owners, stating, “It’s good to see people that care working with us. The Seidlers cared a lot. It’ll be fun to see how these people take it, mold it into their own. Trust in them, as they trust in us on the field. Full confidence in them. Excited to meet them.”

The Padres, though never World Series winners, have become valuable due to their strong local support in a metropolitan area with around 3.3 million people. Downtown Petco Park is among the most vibrant ballparks in MLB, and the Padres ranked second in the majors in attendance last season.

Feliciano, originally from Puerto Rico, becomes the second Latino principal owner in baseball, joining the Los Angeles Angels’ Arte Moreno. Latino and Hispanic players make up about 30% of major league rosters.

Feliciano and Jones will hold an introductory news conference at Petco Park on Monday, August 24.