Padres third baseman Manny Machado connects for a home run on Sunday, May 3. Photo courtesy San Diego Padres Facebook page
East County News Service
May 3, 2026 (San Diego) — The San Diego Padres formally announced on Saturday, May 2, a definitive agreement to transfer franchise ownership to a group led by José E. Feliciano and Kwanza Jones for a record-breaking $3.9 billion.
The news was followed by a tense afternoon at Petco Park on Sunday, May 3, where the Padres snapped a losing streak with a 4-3 win over the Chicago White Sox.
The sale still needs the approval of 75 percent of Major League Baseball owners to be finalized. That vote could potentially occur at the next quarterly owners meeting in June in New York. If approved, the price would shatter the previous record for an MLB franchise sale, when Steve Cohen purchased the New York Mets for $2.42 billion in 2020.
On the field Sunday afternoon, the Padres kept working to reverse a recent slide. In a back-and-forth affair, San Diego leaned on timely hitting and a dominant bullpen finish to secure the win.
The decisive moment came in the bottom of the eighth inning with the game tied at 3-3, when Xander Bogaerts’ RBI single drove in Ramón Laureano with the go-ahead run. Fireballing closer Mason Miller took the mound in the ninth and struck out three batters — though he did allow a hit — to nail down the save. Jason Adam (1-0) earned the win in relief. Chicago pitcher Tyler Davis (0-1) took the loss.
Despite the recent skid, the Padres (20-13) remain in the thick of the NL West race. San Diego is one game behind the Los Angeles Dodgers (21-13) for first place. The Arizona Diamondbacks are third at 16-17, followed by the Colorado Rockies at 14-21 and the San Francisco Giants at 13-21.
The art of the deal
The deal was struck with private equity billionaire Feliciano and his wife, Jones, at an MLB-record valuation of $3.9 billion. Feliciano is expected to become the control person, succeeding John Seidler, who is the late Peter Seidler’s eldest brother. Feliciano co-founded Clearlake Capital alongside Behdad Eghbali in 2006 and, through Clearlake, owns 61.54 percent of Chelsea FC.
According to The Athletic, the new ownership group is expected to include the Jacobs family of San Diego, whose patriarch Irwin Jacobs co-founded Qualcomm. The Sycuan Band of the Kumeyaay Nation is also supposed to be part of the group. Other potential investors include a group led by Hall of Fame quarterback Drew Brees, who began his NFL career with the Chargers before finishing his career in New Orleans — and Vuori investor Michael Persall.
In a joint statement, Jones and Feliciano said, “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. This is about more than baseball — 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.”
In a statement to the public, John Seidler reflected on the transition, saying, “This is a bittersweet moment for us as we reflect on what the Padres have accomplished since my brother Peter became the steward of the franchise.”
Until the sale is finalized, the Seidler family will continue to oversee day-to-day operations.
The Padres now travel to San Francisco to face the Giants in a three-game series starting Monday, then return to Petco Park for a short four-game homestand against the St. Louis Cardinals, with the first game on Thursday, May 7.