José E. Feliciano and Kwanza Jones are expected to acquire at least 30 percent — and up to 40 percent — of the San Diego Padres as part of their agreement to purchase the franchise at a record-breaking valuation, multiple people briefed on the deal told The Athletic.
The structure of the pending transaction means the previously reported valuation of $3.9 billion — which would smash the MLB record, set in 2020 when Steve Cohen bought 95 percent of the New York Mets at a $2.42 billion valuation — reflects the enterprise value of the Padres rather than the direct investment by Feliciano and Jones. A stake of, say, 35 percent would put the couple’s actual commitment closer to $1.4 billion.
Other investors would join Feliciano and Jones, though the composition of the new ownership group and the total percentage changing hands remain under discussion. According to people with knowledge of the situation, potential incoming shareholders include the Sycuan Band of the Kumeyaay Nation, whose flagship casino is a longtime sponsor of the Padres, and a group that includes Vuori founder Joe Kudla and former Chargers quarterback and Pro Football Hall of Famer Drew Brees. Multiple sources cautioned that these groups are only two of various possibilities, as Feliciano and Jones remain in the early stages of putting together an ownership group.
Some members and associates of the Seidler family will remain as minority owners of the franchise, the sources said. Feliciano’s private equity firm, Clearlake Capital, is not expected to be part of the deal.
The Padres declined to comment. Sycuan tribal chairman Cody Martinez, Kudla, a representative for Brees and BDT & MSD Partners — the investment bank the Padres hired to oversee the sale process — did not immediately respond to messages seeking comment.
The Athletic reported in February that Kudla and Brees had expressed interest in joining a bid to purchase the Padres. The Sycuan Band helps lead the ownership group of San Diego FC, with Padres third baseman Manny Machado among the minority owners of the Major League Soccer club.
Native American tribes with gaming interests are not prohibited from holding stakes in MLB franchises, though an ownership share above 5 percent could trigger additional league restrictions, a league source said. Under MLB policy, an owner who has a casino and a stake of more than 5 percent in a club cannot directly operate a sportsbook tied to the casino; that function typically must be contracted to a third party. The Ilitch family, which owns the Detroit Tigers and MotorCity Casino Hotel, and Cohen, who is developing a casino and entertainment complex in New York, need to navigate similar arrangements.
On Friday, the baseball industry began buzzing upon the news that Feliciano and Jones were nearing a deal to purchase the Padres at a valuation far exceeding any MLB precedent. The additional structural details, which have not been previously reported, help explain the record price and the mechanics of an agreement that will be subject to approval by 75 percent of the league’s owners.
That vote could take place at the next quarterly owners meetings in June. Alternatively, MLB owners could convene by video conference to vote before that date. The Padres are expected to announce their agreement with Feliciano and Jones in the coming days or weeks.
Forbes estimates Feliciano’s net worth at $3.9 billion, coincidentally the same as the Padres’ expected sale valuation. Jones and Feliciano are co-founders of the Kwanza Jones and José E. Feliciano Initiative, an investment and philanthropic organization that has committed nearly $500 million to various efforts. 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.
Concentrating close to $3.9 billion of personal wealth in another asset would be unusual and likely impractical, even for high-net-worth buyers, according to people familiar with similar transactions. At 30 to 40 percent, Feliciano and Jones would secure the Padres’ largest stake and, with it, control of the franchise. Feliciano, a co-controlling owner of Chelsea, is expected to be designated as the Padres’ control person.
“You don’t have to own 50 percent to control the team,” said one person with experience in MLB ownership. “You just have to have the biggest piece.”
The Padres’ current ownership group bought the team at an $800 million valuation in 2012 and consists of at least 10 individuals or entities. The Peter Seidler Trust — of which Peter Seidler’s widow, Sheel Seidler, and their children are beneficiaries — holds the largest stake, at about 24 percent. Peter Seidler’s older brother and the trustee of the trust, John Seidler, has served as the Padres’ control person since last February.
In January 2025, Sheel Seidler sued two of her late husband’s other brothers, Matt and Bob, alleging that they had violated their fiduciary duties as successor trustees of Peter’s estate. In November, two years after Peter’s death, John announced that he and his family had begun exploring a potential sale of the Padres.
In February, a court filing revealed that Sheel Seidler had dropped most of her claims against her brothers-in-law. The filing said the two sides had reached an “agreement to resolve the matters between them,” though the terms were not disclosed.
John Seidler, speaking with reporters later that month, said the Padres were drawing “tremendous interest” from prospective buyers. Five groups made bids in late February. A second and final round of bids was submitted last week. In the end, Feliciano and Jones beat out three other groups, led by Everton owner Dan Friedkin, Detroit Pistons owner Tom Gores and Golden State Warriors owner Joe Lacob.
The Padres and Arizona Diamondbacks will play a two-game series this weekend at Mexico City’s Estadio Alfredo Harp Helú, a ballpark named after a Padres minority owner who also owns the Diablos Rojos del México baseball club. Harp Helú’s stake in the Padres is believed to be upwards of 15 percent. It is unclear if the Mexican businessman will sell his share in the MLB club.
— Brittany Ghiroli and Ken Rosenthal contributed to this report
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