The San Diego Padres announced Saturday that the Seidler family has entered into a definitive agreement for the transfer of control of the franchise to a group led by Kwanza Jones and José E. Feliciano, the couple who made a record-setting bid for the team.
“The Padres are more than a baseball team; they are a unifying force in San Diego, rooted in community, connection, and belonging,” Jones and Feliciano said in a joint statement released by the Padres. “As life and business partners, and as a family, we are honored to lead this next chapter together.
“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. … We are all in — with the goal of bringing a World Series championship to San Diego.”
The sale of the Padres at a $3.9 billion valuation remains subject to the approval of 75 percent of MLB owners; that vote could take place at the next quarterly owners’ meetings in June. The Athletic reported last month that Jones and Feliciano are expected to acquire up to 40 percent of the franchise. According to people familiar with the agreement, the new ownership group, in total, will purchase approximately 60 percent of the team.
The Jacobs family of San Diego, whose patriarch Irwin Jacobs co-founded Qualcomm, and the Sycuan Band of the Kumeyaay Nation are expected to be part of the group, league sources said. Other potential minority owners include a group led by Hall of Fame quarterback Drew Brees and Vuori investor Michael Persall.
When the sale is finalized, Feliciano is expected to be named control person, succeeding current chairman John Seidler. Some members and associates of the Seidler family — including John and Laurie Seidler, Diablos Rojos del México owner Alfredo Harp Helú and Padres CEO Erik Greupner — are expected to remain as minority owners, the sources said. Greupner and Padres president of baseball operations A.J. Preller will continue to lead their respective departments through the ownership transition.
“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,” John Seidler said in the Padres’ statement. “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.”
Felciano is the co-founder and managing partner of Santa Monica, Calif.-based private equity firm Clearlake Capital. In 2022, a consortium led by Clearlake Capital and Los Angeles Dodgers part-owner Todd Boehly purchased English Premier League club Chelsea in a $5.24 billion deal, with Clearlake currently holding a 61.5 percent stake.
Jones, who attended Princeton University with Feliciano, is the founder and CEO of media and personal development company Supercharged. She and her husband co-founded the Kwanza Jones & José E. Feliciano Initiative, an investment and philanthropic organization that has committed more than $500 million to various efforts.
The Padres’ current ownership group bought the team for $800 million in 2012 and consists of at least 10 individuals or entities. Peter Seidler’s trust — of which his widow, Sheel Seidler, and their children are beneficiaries — holds the largest stake, at about 24 percent.
In January 2025, a little more than a year after Peter Seidler died, Sheel Seidler sued two of her brothers-in-law, accusing Matt and Bob Seidler of fraud and alleging that she should become the team’s next control person. In February, a few months after the Seidler family put the team up for sale, court documents revealed that Sheel Seidler and the Seidler brothers had reached an “agreement to resolve the matters between them.”
Saturday’s statement said the Padres “will continue to operate in the ordinary course throughout the MLB approval process. There will be no changes to day-to-day business operations as a result of today’s announcement.”
— Mike Vorkunov contributed to this report