Major League Baseball's team owners unanimously have approved the sale of the San Diego Padres to an investor group led by private equity billionaire José E. Feliciano and his wife and business partner, Kwanza Jones.
The league announced the approval Monday after a vote. Feliciano and Jones reached an agreement in May to buy the Padres from the family of late owner Peter Seidler at an MLB-record valuation of $3.9 billion. The deal is still contingent
on the official closing of the transaction in the coming weeks.
“José and Kwanza understand the unique place the Padres hold in San Diego and the powerful bond between the club and its fans,” MLB Commissioner Rob Manfred said in a statement. “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.”
Seidler's family announced its intention to explore a sale of the Padres last November, two years after Peter Seidler's death. The 53-year-old Feliciano, a co-founder of Santa Monica-based private equity firm Clearlake Capital, emerged from the competition as the Seidler family's top choice.
Padres CEO Erik Greupner and general manager A.J. Preller will remain in charge of day-to-day operations, according to MLB's announcement.
“We are a family first, and becoming owners of the San Diego Padres means joining an even larger one,” Jones and Feliciano said in a statement. “We are grateful to the Seidler family, and especially to Peter, for raising the expectations of what this franchise can achieve. ... 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. We intend to be engaged owners, bringing our energy, experience and perspective while working alongside the talented team already in place and investing ambitiously and thoughtfully in the Padres’ future.
“We are all in and committed to winning.”
Peter Seidler assumed majority control of the Padres in 2020 after first joining their ownership group in 2012, but he became beloved in San Diego for his aggressive financial pursuit of winning and his eagerness to engage with the team's fan base. He died at 63 in November 2023.
The Padres dramatically increased their payroll under Seidler, allowing Preller to build the foundation for the current team, which has made four playoff appearances in the past six years and won at least 89 games in three of the last four seasons during the most successful stretch in franchise history. San Diego is currently in the playoff race again, winning 17 of its last 24 games to surge into an NL wild-card position at 67-58.
Manfred thanked the Seidler family, including John Seidler, who became the Padres' chairman after his brother's death.
“Continuing the legacy established by the late Peter Seidler, the Padres reached the postseason four times in the last six years, energized one of baseball’s most passionate fanbases and strengthened the club’s role as a cornerstone of the San Diego community,” Manfred said.
When Feliciano and Jones reached their agreement to purchase the Padres earlier this year, they praised the team as "a unifying force in San Diego, rooted in community, connection and belonging.” They've since been spotted at Padres games in San Diego and in Mexico City.
The Padres have never won a World Series, but they were a valuable commodity for potential owners as the only team in the four biggest North American sports leagues in a metropolitan area with roughly 3.3 million people. Downtown Petco Park has become one of the liveliest ballparks in the sport, and the Padres ranked second in the majors in attendance last season.
Feliciano, who was born in Puerto Rico, becomes the second Latino principal owner in baseball, along with the Los Angeles Angels' Arte Moreno. Latino and Hispanic players comprise roughly 30% of major league rosters.
Feliciano and Jones will hold an introductory news conference at Petco Park on Monday, Aug. 24.
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