MLB owners unanimously approved the sale of the San Diego Padres to an investor group led by José E. Feliciano and his wife Kwanza Jones at a valuation of $3.9bn. The vote finalizes a process running since last season, with the Seidler family agreeing in May to transfer control to Feliciano and Jones.

The Feliciano-Jones group will acquire at least 40% of the club, with additional investors taking a smaller combined stake. Feliciano co-founded Santa Monica-based Clearlake Capital, the private equity firm that majority-owns Chelsea FC. The Padres acquisition comes through his personal investment vehicle, adding a scarce controlling stake in North American sports to a portfolio spanning top-flight football.

Commissioner Rob Manfred welcomed the new majority owners, noting they "understand the unique place the Padres hold in San Diego." He thanked John Seidler and the Seidler family for their stewardship, during which the club reached the postseason four times in six years under Peter Seidler's aggressive spending.

Jones and Feliciano stated their ambition is to bring a World Series championship to San Diego and build an enduring organization. They intend to be "engaged owners," investing ambitiously while retaining CEO Erik Greupner and GM A.J. Preller to run day-to-day operations.