How Padres are set to make MLB record sale to business mogul Jose E. Feliciano for $3.9 billion

How Padres are set to make MLB record sale to business mogul Jose E. Feliciano for $3.9 billion originally appeared on The Sporting News. Add The Sporting News as a Preferred Source by clicking here.

Ownership of the San Diego Padres has been a topic of conversation since the death of Peter Seidler in 2023.

Seidler was also the source of a new culture around Padres' spending. Alongside President of Baseball Operations A.J. Preller, Seidler opened up his wallet for a series of spendy moves. This changed the culture around the Padres spending habits for years to come. After beating cancer twice, Seidler passed away at 63 from an unknown illness.

After Seidler's death, his wife, Sheel Seidler, looked over the team and the legal matters that followed Peter's death. Now, over two years later, the team has new owners, Jose E. Feliciano and his wife, Kwanza Jones.

Here's what to know about the pending sale and the Padres' new owners.

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Padres sale details

The Padres are in the process of being sold to Feliciano and Jones for $3.9 billion, shattering the previous record by $1.5 billion. The Seidler family has owned the Padres since 2012, which coincided with a change in the team's spending habits.

This is not Feliciano's first foray into sports, either, as his company, Clearlake, is the majority stakeholder in Chelsea Football Club.

Both Feliciano and Jones will have an equal economic stake in the Padres, but Feliciano is recognized as the controlling owner by the MLB.

Richest sales in MLB history

Entering the 2026 season, Forbes put a valuation on each MLB team. The Padres were ranked No. 10 with a $3.1 billion valuation. This sale exceeded that value by another $800 million, for a grand total of $3.9 billion.

Prior to this, the record was held by Steve A. Cohen, the richest owner in baseball, with a net worth estimated at over $20 billion. He bought the New York Mets in 2020 for $2.4 billion, beating out a bid from Alex Rodriguez and Jennifer Lopez.

The Los Angeles Dodgers are valued as the second most expensive team in baseball by Forbes at $7.8 billion. However, they were last sold to Guggenheim Baseball Management in 2012 for $2.15 billion, a record at the time.

MORE:How the Padres used a uniform patch to honor Peter Seidler

Who is Jose E. Feliciano?

Feliciano is a businessman and investor who gained his wealth from investment banking and private equity. He is the co-founder of Clearlake Capital, an equity firm that invests in software and industrials.

Feliciano was born in Puerto Rico and holds a degree in mechanical and aerospace engineering from Princeton, as well as an M.B.A. from Stanford.

Who is Kwanza Jones?

Jones is also an entrepreneur who first met Feliciano while the two were students at Princeton. Jones began her career as a singer, winning Amateur Night at the Apollo while in college. Her song, "Think Again," peaked at No. 21 on the Billboard charts in 2011.

Jones also founded SUPERCHARGED by Kwanza Jones, a media company. Additionally, she and Feliciano founded a grant-making initiative.