The San Diego Padres are set to change hands in the most expensive franchise sale in Major League Baseball history. The transaction now moves to the wider MLB ownership for a full vote later this year. The price sets a new benchmark for the sport, eclipsing the $2.4bn hedge fund billionaire Steve Cohen paid for the New York Mets in 2020.

Feliciano and Jones won the process in April, beating out competing bids from Dan Friedkin and Golden State Warriors owner Joe Lacob. The MLB's management council must sign off before the broader ownership group votes. The Seidler family, which has controlled the Padres since 2012, launched the sale in November last year.

For Feliciano, the acquisition marks a personal deployment of wealth generated through Clearlake, one of the fastest-growing private capital platforms, managing more than $185bn. Jones brings a distinct commercial profile as chief executive of media company Supercharged, pointing to how the Padres will approach content, media rights, and brand extension under new ownership.