Major League Baseball’s ownership group unanimously approved the sale of the San Diego Padres on Monday, marking a significant transition for the storied franchise. The deal, valued at $3.9 billion, sets a new record for an MLB team acquisition and transfers control to private equity billionaire José Feliciano and his wife Kwanza Jones, who reached their purchase agreement with the Seidler family in May.
Feliciano, a co-founder of investment firm Clearlake Capital, will assume the role of controlling owner of the Padres. The couple is acquiring more than 40 percent of the team, with additional investors and entities holding smaller ownership stakes in the group. MLB Commissioner Rob Manfred expressed confidence in the new ownership in a statement, emphasizing their understanding of the team’s significance to the San Diego community and its fans.
The existing front office leadership will remain intact as the transition proceeds. Erik Greupner will continue serving as CEO while handling day-to-day operations, and General Manager A.J. Preller will maintain his current position overseeing baseball operations. The acquisition is expected to officially close in the coming days, concluding a transfer of ownership from the Seidler family following the passing of former owner Peter Seidler.
Originally reported by Sports.yahoo →
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