Hands have been shaken and now, as long as the rest of Major League Baseball agrees, the controlling ownership stake of the San Diego Padres will soon belong to Jose E. Feliciano and Kwanza Jones. On Saturday the team confirmed the Seidler family has reached an agreement to sell at least 40% of t he club to Feliciano and his wife. The price is believed to be $3.9 billion, shattering the record for an MLB team (previously $2.4 billion that Steve Cohen paid for the New York Mets in 2020). “The Padres are more than a baseball team; they are a unifying force in San Diego, rooted in community, connection, and belonging,” said Feliciano and Jones in a joint statement. “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.” Jones and Feliciano are buying this club as part of an ownership group. We don’t know yet how many people are joining them but we do know they are doing this as a private investment. That means they are not using the financial clout of Clearlake Capital, the investment firm Feliciano co-founded in 2006 that handles $90 billion in assets. Feliciano used Clearlake Capital to become the controlling owner of English Premier League powerhouse Chelsea F.C. The Seidler family is expected to retain a small piece of the club that was brought to the national stage by the late Peter Seidler, who tapped into the passion of the San Diego fan base by producing a winner before passing away after the 2023 season. “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,” said John Seidler in a statement. “Now, 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. It’s what the team, our fans, and the community deserve. “Our family loves this team. This is a bittersweet moment for us as we reflect on what the Padres have accomplished since my brother Peter became the steward of the franchise. I congratulate Kwanza, José, and the Padres, and wish them nothing but success. We look forward to a smooth transition.” The Padres say they will continue normal operations as the MLB approval process plays out. The league is holding its quarterly owners meetings in June, where a formal vote is expected to be held. If 22 of the other 29 owners approve the sale, it will enter the final stage of scrutiny. The Federal Securities and Exchange Commission will perform a review of the finances and the City of San Diego will have to sign off on the 30% of Petco Park that is also included in the transaction. In past MLB team sales those processes have taken about a week so it’s looking like the Jones-Feliciano era of Padres baseball will begin shortly before the 2026 MLB All-Star Break. ...read more read less