SAN DIEGO (KGTV) — Answers about the future of the San Diego Padres may be coming tonight, as the team could soon have new owners.
A Wall Street Journal report says a deal is on the table that would be the largest in Major League Baseball history. This comes after the uncertainty following Peter Seidler’s death and questions about who would take control of the franchise long-term.
The most staggering part of the news is the reported sale price of $3.9 billion for the franchise that plays at Petco Park.
"It's not just a record. It's record-shattering," Jared Diamond said.
Diamond, a Wall Street Journal reporter who broke the news, noted the sale is for far more than the $2.4 billion Steve Cohen paid for the New York Mets in 2020.
"The Padres just beat that number by a billion and a half dollars. The San Diego Padres are now the most expensive baseball team ever to be sold in the history of the sport by a huge margin," Diamond said.
Jose E. Feliciano and his wife, Kwanza Jones, plan to pay the record price. Feliciano is the managing partner of Clearlake Capital, an investment company that also owns Chelsea Football Club in England. Jones is the CEO of the couple's philanthropic foundation, the Kwanza Jones and Jose E Feliciano Initiative.
Diamond said the husband and wife will each own 50 percent of the team, with Feliciano serving as the control person when dealing with Major League Baseball. The couple will also make history with the purchase.
"Jose Feliciano is going to be the first Puerto Rican majority owner in Major League History. Kwanza Jones is going to be the first African-American majority owner in Major League history, so that's, obviously, that's very cool," Diamond said.
Feliciano and Jones outbid three other finalists to purchase the team. The Padres finished second in MLB attendance last season and reached the playoffs four of the past six seasons following a spending spree by Seidler.
"It's an incredible testament to what Peter Seidler did to the Padres," Diamond said.
Diamond said an announcement should come early next week. The sale will need to be approved by 75 percent of Major League owners before it can be finalized.
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