The San Diego Padres are on the verge of changing hands in what could become the most expensive franchise sale in Major League Baseball history.
An investor group headed by private equity billionaires and philanthropists Kwanza Jones and José E. Feliciano reached an agreement on May 2, 2026, to purchase the club for $3.9 billion.
If approved by league owners, the transaction would surpass the previous MLB sale record established when Steve Cohenacquired the New York Mets for $2.42 billion in 2020.
The proposed ownership structure would also mark multiple firsts for baseball. Jones is positioned to become the first Black woman to serve as a majority owner in MLB history, while Feliciano would become the league’s first majority owner of Puerto Rican descent.
League approval remains the next major hurdle. MLB rules require at least 22 of the 30 club owners to vote in favor of the sale, with the decision expected to take place during the June quarterly meetings.
Additional approvals are still required before the transaction can close, including financial review procedures involving the SEC and authorization from the City of San Diego connected to operations at Petco Park.
The winning bid reportedly beat competing efforts tied to Joe Lacob and Dan Friedkin.
Jones and Feliciano are expected to control roughly 40 percent of the franchise’s equity, with Feliciano designated as MLB’s official “control person.”
The investment group also includes the Sycuan Band of the Kumeyaay Nation, representing a rare example of tribal participation within an MLB ownership structure. Additional investors are believed to include Hall of Fame quarterback Drew Brees, while members of the Seidler family are expected to retain a minority share.
Current team leadership will continue overseeing daily operations during the transition process throughout the 2026 season.
