The San Diego Padres are poised to change hands in a landmark $3.9bn transaction, with the Seidler family agreeing to sell the Major League Baseball franchise to José E Feliciano, co-founder of private investment firm Clearlake Capital, and his wife Kwanza Jones, according to a report by the Wall Street Journal.
If completed, the transaction would mark the highest price ever paid for an MLB team, underscoring continued investor appetite for major US sports franchises.
The winning bid emerged from a competitive process that reportedly drew interest from several high-profile investors, including businessman Dan Friedkin and Golden State Warriors owner Joe Lacob. Multiple offers were said to have come in above $3.5bn.
Feliciano co-founded Clearlake Capital Group in 2006 alongside Behdad Eghbali. The firm now manages more than $90bn in assets across private equity, credit and special situations strategies and is also a co-owner of English football club Chelsea FC. Jones is chief executive of media company Supercharged.
The prior record for an MLB franchise sale was set in 2020 when Steve Cohen purchased the New York Mets for $2.4bn.
The Padres have seen strong fan engagement in recent seasons, ranking second in total attendance last year behind the Los Angeles Dodgers. The club generated roughly $500m in revenue during the 2025 season and sold out the vast majority of its home games.
The Seidler family has owned the team since 2012. The sale process was initiated last year with advisory support from BDT & MSD Partners, following internal family disputes over control of the franchise after the death of longtime owner Peter Seidler.
The deal is expected to be submitted to Major League Baseball for approval and formally announced in the coming days.
