The San Diego Padres are nearing completion of a blockbuster sale for $3.9 billion to Jose E. Feliciano and his wife Kwanza Jones, a source confirmed to ESPN. The deal would set a new record for an MLB franchise, easily surpassing the previous benchmark established when Steve Cohen purchased the New York Mets for $2.4 billion in 2020. The Seidler family put the team on the market following the passing of owner Peter Seidler.

Feliciano, 53, will serve as MLB's controlling owner if the sale receives approval from 75% of league owners. The next owners meetings, scheduled for June, will likely address this transaction. Feliciano co-founded Clearlake Capital and previously helped lead a consortium that purchased Chelsea Football Club for $5.24 billion in 2022. The Padres sale represents another major investment in American sports by international capital.

Feliciano and Jones outbid three other prominent sports figures: Tom Gores (Detroit Pistons), Joe Lacob (Golden State Warriors), and businessman Dan Friedkin. The astronomical price reflects the Padres' potential and the growing value of Major League Baseball franchises. The team's new ownership group brings significant financial resources and international sports management experience that could reshape the franchise's trajectory.