Padres strike deal to sell to investor group led by private equity billionaire, vows World Series championship

The San Diego Padres are expected to travel nether caller ownership soon.

On Saturday, the MLB franchise reached an statement to merchantability a controlling involvement successful the squad to an capitalist radical led by Puerto Rican businessman José E. Feliciano and his wife, Kwanza Jones.

The household of precocious proprietor Peter Seidler, which makes up the Padres’ existent ownership group, confirmed the deal. The determination to offload the squad comes 3 years aft Seidler’s death. John Seidler has served arsenic the Padres’ president since his member died.

The woody volition not go authoritative until it receives league approval. Last month, it was revealed that the Padres person a valuation of $3.9 billion. Although a merchantability terms was not specified successful the announcement, fixed the valuation, the transaction is expected to acceptable a grounds for the highest terms paid for an MLB franchise, surpassing Steve Cohen’s 2020 acquisition of the New York Mets for $2.42 billion.

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San Diego Padres' Manny Machado, left, acknowledges the assemblage aft hitting a single, his 2000th vocation hit, during the 4th inning of a shot crippled against the Arizona Diamondbacks, Monday, July 7, 2025, successful San Diego.  (AP Photo/Orlando Ramirez)

Other members of the capitalist radical were not named. In a associated statement, Jones and Feliciano "a unifying force" successful San Diego and committed to gathering connected the franchise's foundation.

HERE'S WHAT THE SAN DIEGO PADRES RECORD $3.9 BILLION SALE MEANS FOR MAJOR LEAGUE BASEBALL

"The Padres are much than a shot team; they are a unifying unit successful San Diego, rooted successful community, transportation and belonging. As beingness and concern partners, and arsenic a family, we are honored to pb this adjacent section together. We person worked hard for everything we person achieved, and we person built it together. We spot that aforesaid tone successful this squad and its fans, and we cognize what it takes to win. We are committed to showing up, listening and earning the spot of this assemblage portion gathering connected the beardown instauration established by the Seidler family."

The radical added that its committedness encompasses some on-field occurrence and meaningful assemblage impact.

A wide presumption of Petco Park during the crippled betwixt the Detroit Tigers and the San Diego Padres connected March 26, 2026, successful San Diego, California. (Rob Leiter/MLB Photos via Getty Images)

"This is astir much than shot — it’s astir boosting the pride, energy, and transportation that specify the Padres, investing successful community, deepening belonging and ensuring this squad remains accessible and endures for generations. We are each successful — with the extremity of bringing a World Series title to San Diego."

Peter Seidler joined the Padres’ ownership radical successful 2012 erstwhile John Moores sold the squad for $800 cardinal to a radical headed by Ron Fowler. Seidler took implicit and instantly endeared himself to San Diego’s fans with his assertive fiscal backing of wide manager A.J. Preller.

The Padres person been a blistery summons for respective years arsenic San Diego’s lone squad successful the 4 biggest North American sports leagues, ranking 2nd successful the MLB successful attendance past season.

San Diego Padres players basal for the nationalist anthem earlier Opening Day against the Detroit Tigers astatine Petco Park successful San Diego, California, connected March 26, 2026. (Meg McLaughlin/The San Diego Union-Tribune)

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The Padres are disconnected to a beardown start, sitting 2nd successful the NL West astatine 19-13 entering Sunday afternoon’s finale of a three-game bid against the Chicago White Sox. The squad has made the playoffs successful 4 of the past six seasons.

Feliciano is connected way to go the 2nd Latino proprietor successful baseball, joining Los Angeles Angels proprietor Arte Moreno.

The Associated Press contributed to this report.