San Diego Padres Sold For $3.9 Billion As New Owners Inherit Aging And Underperforming Roster

José E. Feliciano and Kwanza Jones will soon be the controlling owners of the San Diego Padres. (Photo by Meg McLaughlin / The San Diego Union-Tribune via Getty Images)

The San Diego Union-Tribune via Getty Images

Last month it was announced that the Seidler Family had finalized its agreement to sell a controlling interest in the San Diego Padres to a new ownership group led by billionaire José Feliciano and his wife Kwanza Jones for an MLB-record $3.9 billion. To give the sale some context, the price was nearly 60% more than the $2.4 billion Steve Cohen paid for the New York Mets – in the country’s largest media market – just six years ago.

Peter Seidler bought the club back in 2012 for $600 million. Last year the club was valued by Forbes at $2 billion, and $1.8 billion the two years before that. Suffice it to say, $3.9 billion is quite the premium on those numbers.

So, what does $3.9 billion buy Feliciano and Jones? Well, a ballpark that has the second highest attendance in MLB, with nearly 42,000 people fans each game. The Padres drew 3.4 million fan last year, only trailing their bitter rival to the north, the Los Angeles Dodgers, who clocked in at just over four million.

But the bill of sale also comes with a top ten payroll – $213 million according to Spotrac. The Padres are 37-34, eight games behind the Dodgers and half a game ahead of the Arizona Diamondbacks. With so many lackluster teams this year, the Padres’ .521 winning percentage is the tenth best in all of MLB. And the team could and should be doing better, but their highest priced assets are simply not performing.

Xander Bogaerts, in the middle of an eleven-year deal, is maybe their best of the worst. His $25.5 million salary is producing an OPS+ of 83 (meaning he is 17% below an average big leaguer).

Manny Machado, who is on a potential Hall of Fame track, but who also has seven years left on his $350 million contract, is either having an off year or is beginning his decline phase. To date, he is slashing .177/.255/.358.

Fernando Tatís Jr., who hasn’t even hit the halfway point in his 14 year, $340 million contract, did not hit his first home run until May 30^th, and has hit only one more since then (albeit a walk-off with two outs in the bottom of the ninth inning against the Reds last week). He is hitting the ball hard, and is getting on base, which gives him an OPS+ of 96 (still 4% below average).

After an incredible rookie season, the Padres locked up outfielder Jackson Merrill to a nine year, $135 million contract. While that deal only counts as about $2.1 million this season, San Diego still paid him a $10 million signing bonus, and are on the hook for the balance. He has played in 68 games this year, and is slashing .205/.272/.340, for a 71 OPS+.

Prior to the 2024 campaign, San Diego bought out two arbitration and five arbitration years from infielder Jake Cronenworth, handing him a seven year, $80 million contract. He is currently on the seven-day injured list with concussion symptoms stemming from a fastball to the jaw back in April, which he played through for three weeks before alerting the team doctors. When he finished that game, he was slashing .152/.273/.212. After taking a ball off his face, he went .129/.270/.161. For the year he has produced -0.4 bWAR, and there is no timetable for his return.

Last year pitcher Nick Pivetta signed a four year, $55 million deal. He pitched in four games this season before heading to the 60-day injured list with an elbow flexor strain.

Pitcher Joe Musgrove, a hometown hero, is in the penultimate season of his five-year, $100 million contract. He missed the entirety of 2025 after undergoing Tommy John surgery and has suffered multiple setbacks on his road to recovery. The team remains in wait-and-see mode with him.

If 22 of the other 29 owners approve the sale when MLB owners meet later this month, the deal will be on a glidepath to completion. Feliciano and Jones will then soon inherit an underperforming and aging club (average age of the active roster is more than 30 years old), but with the promise to play better. They will now control a picturesque ballpark located in downtown San Diego, which serves as the only game in town with no other major professional sports teams. And they will become the stewards of a rabid fanbase that is itching, and clawing, and praying for pennant and another trip to the World Series – their current drought is 28 years. With $3.9 billion invested, the husband and wife team have a lot to lose, but also a lot to gain.