The San Diego Padres have now been officially sold to Jose E. Feliciano and Kwanza Jones, but many questions remain.
The San Diego Padres have finalized the sale of the team with the announcement that they’ve been purchased by a group led by soccer billionaire Jose E. Feliciano and his wife, Kwanza Jones. The sale was announced a couple of weeks ago, but at that point it wasn’t completed, but the final version was announced by ESPN along with multiple other outlets.
The total value of the deal was announced at $3.9 billion, which was well above the sales price the Padres were expected to draw when the Seidler brothers first announced their intent to sell. The initial numbers provided by financial experts had price at just over $3 billion, and according to reports Feliciano’s group topped the offers of a couple of other sports billionaires that came in at approximately $3.5 billion.
Specific financial terms still aren’t available, but Feliciano and Jones are expected to own a 40 percent stake in the team, which is at the top of the 30-40 percent range that was initially estimated. As expected, the Seidler family will retain an equity stake in the team, but that percentage or amount also wasn’t provided.
"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. "As life and business partners, and as a family, we are honored to lead this next chapter together. We have worked hard for everything we have achieved, and we have built it together. We see that same spirit in this team and its fans, and we know what it takes to win. 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.
The Seidler family wanted the Padres kept in San Diego, and the new owners fit the bill on that front. They’re also the second minority owners in MLB, with both groups in Southern California, but it’s safe to say that Feliciano and Jones have stronger ties to the community than Los Angeles Angels owner Arte Moreno.
"This is about more than baseball,” the statement continued, “it's about boosting the pride, energy, and connection that define the Padres, investing in community, deepening belonging and ensuring this team remains accessible and endures for generations. We are all in -- with the goal of bringing a World Series championship to San Diego."
John Seidler also issued a statement on behalf of the Seidler family. It doesn’t answer some of the many questions that remain, but it does represent the last word on this story for now.
"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," Seidler said in his a 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."