Major League Baseball owners have unanimously approved the record-setting $3.9 billion sale of the San Diego Padres to a new ownership group led by José E. Feliciano and Kwanza Jones. The approval on Monday removes the final significant obstacle for the pair to assume control of the franchise, with the transaction expected to formally close in the coming weeks.
MLB Commissioner Rob Manfred acknowledged the legacy of the Seidler family, under whose leadership the Padres achieved significant success and cultivated a strong connection with their fanbase. Manfred stated that Feliciano and Jones 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," Manfred said in a statement.
The foundation referred to largely reflects the transformation that occurred during the ownership of the late Peter Seidler. The Padres have made the postseason four times in the last six seasons, fueled by substantial investments in star players such as Manny Machado, Fernando Tatis Jr., and Xander Bogaerts. Petco Park has also become a premier destination in baseball, with San Diego ranking second in MLB attendance for the past two seasons.
This period of growth has resulted in a significant financial return for the Seidler family. They were part of the group that acquired the Padres for $800 million in 2012. Fourteen years later, the franchise is being sold at nearly five times that valuation.
Feliciano, co-founder of the private equity firm Clearlake Capital and an investor in Chelsea FC, and Jones have indicated their commitment to maintaining and elevating the team's competitiveness. "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," the couple stated. "We are all in and committed to winning."
For Padres fans, the acquisition by Feliciano and Jones at a historic price tag signals a continued commitment to high expectations and championship aspirations, building on the ambitious market established during the Seidler era.