The are expected to come under new ownership soon.
On Saturday, the MLB franchise reached an agreement to sell a controlling interest in the team to an investor 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 offload the team comes three years after Seidlers death. John Seidler has served as the Padres chairman since his brother died.
The deal will not become official until it receives league approval. Last month, it was revealed that the Padres have a . Although a sale price was not specified in the announcement, given the valuation, the transaction is expected to set a record for the highest price paid for an MLB franchise, surpassing Steve Cohens 2020 acquisition of the New York Mets for $2.42 billion.
Other members of the investor group were not named. In a joint statement, Jones and Feliciano “a unifying force” in San Diego and committed to building on the franchise’s foundation.
“The Padres are more than a baseball team; they are a unifying force in San Diego, rooted in community, connection and belonging. 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. 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.”
The group added that its commitment encompasses both on-field success and meaningful community impact.
“This is about more than baseball â its 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 â 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 headed by Ron Fowler. Seidler took over and immediately endeared himself to San Diegos fans with his aggressive financial backing of general manager A.J. Preller.
The Padres have been a hot ticket for several years as San Diegos only team in the four biggest North American sports leagues, ranking second in the in attendance last season.
The Padres are off to a strong start, sitting second in the NL West at 19-13 entering Sunday afternoons finale of a three-game series against the Chicago White Sox. The team has made the playoffs in four of the past six seasons.
Feliciano is on track to become the second Latino owner in baseball, joining owner Arte Moreno.
The Associated Press contributed to this report.
