Padres announce agreement to sell team to group led by Kwanza Jones, José E. Feliciano

The San Diego Padres have struck a landmark deal to sell controlling interest of the franchise to an investor group led by private equity billionaire José E. Feliciano and his wife, entrepreneur Kwanza Jones. The agreement, announced Saturday by the family of late owner Peter Seidler, represents a significant shift in ownership for one of baseball’s most valuable franchises.

While financial terms weren’t officially disclosed in the announcement, the deal reportedly values the Padres at approximately $3.9 billion—a new Major League Baseball record. The transaction still requires formal approval from MLB’s ownership committee and a three-quarters vote from all 30 team owners before being finalized.

“The Padres are more than a baseball team; they are a unifying force in San Diego, rooted in community, connection and belonging,” Jones and Feliciano said in a joint statement. The couple emphasized their commitment to honoring the foundation established by the Seidler family while pursuing a championship for the city.

The sale marks a significant moment for MLB, as Feliciano will become only the second Latino majority owner in the league, joining Los Angeles Angels owner Arte Moreno. This represents an important step toward diversifying ownership in a sport where approximately 30 percent of players are Latino or Hispanic.

The Seidler family began exploring a sale last November, roughly two years after Peter Seidler’s death. Seidler, who became the team’s primary owner in 2020, was widely respected for his commitment to the franchise and willingness to invest in the roster. His brother, John Seidler, has served as chairman since Peter’s passing.

“When I became control person, my goal was to continue building on our recent success in pursuit of a World Series championship for the city of San Diego and our faithful fans,” John Seidler said. “As I pass the baton to Kwanza and José, I do so with full confidence that they share that vision as well as the Padres’ deep commitment to San Diego.”

The Padres’ valuation has skyrocketed since the Seidler-led group purchased the team for $800 million in 2012 from previous owner John Moores. Under Seidler’s direction, the franchise invested heavily in player talent, with General Manager A.J. Preller assembling rosters that have reached the postseason four times in the past six seasons.

The team’s market value has been bolstered by consistent on-field success and strong fan support. The Padres ranked second in MLB attendance last season, thriving as San Diego’s only franchise among North America’s four major professional sports leagues following the Chargers’ departure to Los Angeles.

Jones and Feliciano appear ready to hit the ground running. The couple was spotted last month attending the Padres’ international series against the Arizona Diamondbacks in Mexico City, where they sat alongside Padres CEO Erik Greupner—suggesting they’ve already begun immersing themselves in the organization’s operations.

The new ownership group inherits a competitive team that sits second in the National League West with a 19-12 record. The roster features high-profile stars like Fernando Tatis Jr., Manny Machado, and Yu Darvish, reflecting the previous ownership’s willingness to invest in talent.

Feliciano brings substantial business acumen to the franchise. As co-founder of Clearlake Capital Group, he oversees a firm managing over $70 billion in assets. Jones is an entrepreneur, investor and philanthropist who has focused on initiatives promoting diversity and education through the couple’s Kwanza Jones & José E. Feliciano SUPERCHARGED Initiative.

The pending ownership change comes during a period of significant franchise valuations across MLB. Recent team sales include the Baltimore Orioles ($1.725 billion), New York Mets ($2.4 billion), and the record-setting price for the Padres, reflecting the escalating value of professional sports franchises despite ongoing challenges in media rights and attendance in some markets.

For San Diego fans, the transition promises continuity in the team’s community-focused approach while potentially bringing fresh perspectives to the organization’s pursuit of its first World Series championship.