The San Diego Padres have been sold to José E. Feliciano, Clearlake Capital co-founder and part of the Chelsea FC ownership group, and his wife Kwanza Jones, it was declared Saturday. The sale price is an MLB-record $3.9 billion, the Wall Street Journal previously revealed.
“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,” Jones and Feliciano stated in a statement.
“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.
“This is about more than baseball — it’s 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 — with the goal of bringing a World Series championship to San Diego.”
Others in the final round of bidding to purchase the Padres included groups helmed by Dan Friedkin, owner of the English Premier League club Everton; Tom Gores, owner of the NBA’s Detroit Pistons; and Joe Lacob, owner of the NBA’s Golden State Warriors; the Athletic reports. According to the Journal, Feliciano’s net worth is the same as the sale price — $3.9 billion.
The purchase completes a process that began in earnest last November, when John Seidler and rest of the Padres ownership group declared plans to sell the franchise. The Padres’ ownership situation has been uncertain since the death of beloved owner Peter Seidler in November of 2023. Following Peter Seidler’s passing, infighting and lawsuits plagued the leadership transition.
If the revealed $3.9 billion sale price is accurate, it would by a large margin be the largest sales price of a franchise in MLB history. The current record belongs to the New York Mets and the $2.4 billion that current owner Steve Cohen paid for the club in 2020. In March of this year, Forbes valuated the Padres at $3.1 billion. The group of which Peter Seidler was originally part of purchased the club for $800 million in 2012.
Peter Seidler’s ownership of the Padres was characterized by aggressive spending on player payroll that far outstripped the club’s market size and led roster that was powered by stars and regularly in contention. Spending has been less aggressive since Peter Seidler’s death. Just after his passing, the Padres’ Opening Day payroll, according to Cot’s Contracts, slipped from $248.9 million (third in MLB) in 2023 to $164.5 million (14th in MLB) in 2024. The payroll since has increased somewhat but not to the levels seen during Peter Seidler’s final years as principal owner. This season, the Padres rank 10th among MLB’s 30 teams with an Opening Day payroll of $201 million.
On the field, the Padres have qualified for the postseason in four of the last six years, and they advanced to the National League Championship Series in 2022. However, the Padres remain one of five MLB franchises that have never won a World Series. The Padres previously won pennants in 1984 and 1998.
This season, San Diego under first-year manager Craig Stammen are 19-12 and in second place in the NL West. They enter Satuday’s game against the Chicago White Sox having lost three straight.
