Topline
The $3.9 billion acquisition of the San Diego Padres was approved Monday, greenlighting entrepreneur Kwanza Jones and Clearlake Capital co-founder José Feliciano as the franchise’s new owners.
A closeup view of the San Diego Padres logo on the jersey worn by Xander Bogaerts #2 of the San Diego Padres.
Photo by Nick Cammett/Diamond Images via Getty Images
Key Facts
Feliciano and Jones, who are married, are purchasing more than 40% of the Padres, The Athletic reported, noting “other individuals and entities” are joining the couple at a smaller combined percentage.
Feliciano, who is a co-founder of Chelsea FC owner and investment firm Clearlake Capital, will become the Padres’ control person.
Padres CEO Erik Greupner will continue leading day-to-day operations alongside general manager A.J. Preller.
The transaction and ownership change is slated to take place “in the coming days,” according to a Padres statement.
Jones and Feliciano said their ambition is to “bring a World Series championship to San Diego and build an enduring organization capable of competing for championships year after year” (the Padres have never won a World Series in the team’s 57-year history).
Tangent
Mark Walter recently sold his interest in the Los Angeles Lakers last week at a record-setting $12.5 billion valuation amid a federal fraud investigation. Walter reportedly does not plan to sell the Los Angeles Dodgers, which he bought for $2.5 billion in 2010. The team is now worth an estimated $7.8 billion, taking the No. 2 spot in Forbes’ list of most valuable baseball teams.
Forbes Valuation
We estimate Feliciano’s net worth at $3.9 billion as of Monday.
Key Background
The acquisition ends the Seidler family’s 14-year run as the owner of the Padres. An investor group led by Peter Seidler and Ron Fowler purchased the team for $800 million in 2012, with Seidler buying out Fowler’s stake in 2020 to take controlling interest in the Padres. Peter Seidler died in 2023 and was replaced by his brother, John Seidler, as chairman. The Seidler family began exploring a sale of the team following Peter Seidler’s passing. However, prior to the sale, John Seidler and Peter’s widow, Sheel Seidler, battled for control over the team. Sheel Seidler sued her brothers-in-law for alleged fraud and breach of fiduciary regarding the family’s trust, claiming Peter Seidler intended for her to take control of the Padres after his passing. The family reached an agreement to explore a sale of the Padres instead of continuing their dispute in court.