Family of late Peter Seidler put team up for sale last November
Record price for MLB outfit sale stands at US$2.42bn
Dan Friedkin and Jose E Feliciano are two billionaires among those reportedly interested in acquiring Major League Baseball’s (MLB) San Diego Padres, according to Sportico.
The Padres were put up for sale last November by the family of the late Peter Seidler. Seidler was among a group that bought the franchise in 2012 for US$800 million, before he became their largest shareholder in 2020. He passed away in November 2023.
Peter Seidler’s brothers Matt and Bob Seidler then assumed control of the baseball outfit but were then sued by Peter Seidler’s widow Sheel Seidler. However, The Athletic reported this week that Sheel Seidler has dropped most of her claims against the two brothers, which would help pave the way for the Padres’ sale.
Sportico subsequently reports that Friedkin, who owns Premier League club Everton and Serie A outfit AS Roma, is engaged in the sale process. He was previously a finalist in the bidding for the National Basketball Association’s (NBA) Boston Celtics and has been linked with owning a National Hockey League (NHL) expansion team in Houston.
Another individual said to be involved is Feliciano, a co-founder of Clearlake Capital, the firm that co-owns English soccer giant Chelsea. However, his bid, according to Sportico, would be through his family office. Feliciano has previously been close to investing in the National Football League (NFL), having been linked with the Los Angeles Chargers and Denver Broncos respectively.
A report from Sports Business Journal (SBJ) also indicates that Golden State Warriors co-owner Joe Lacob is also interested in buying the Padres, after touring the club’s facilities last week.
The Padres’ sale process is being overseen by investment bank BDT & MSD Partners. Forbes most recently valued the franchise to be worth US$1.95 billion, making them the 17th most valuable MLB team. The Athletic reports that the Seidler family wants to reach a sale price above that estimate.
The most recent sale of a controlling stake in a MLB outfit came last September, when a group led by Patrick Zalupski closed a deal to buy the Tampa Bay Rays. The franchise was reportedly valued at US$1.7 billion.
The record price for an MLB outfit currently sits at US$2.42 billion, which was the amount Steve Cohen paid for the New York Mets. While a considerably lower figure when compared to other major North American leagues, growing viewership, attendances and sponsorship earnings will provide optimism for investors that MLB team valuations will continue to grow.
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