San Diego Padres to be sold for $3.9 billion to Chelsea owner, setting MLB team transaction record.

As reported by The Wall Street Journal, sources with knowledge of the matter indicate that the Seidler family, who own the San Diego Padres, are close to selling the team to an investment consortium headed by Jose E. Feliciano, a joint owner of Chelsea FC in the Premier League. The deal is said to value the team at nearly $3.9 billion, creating a new high for the sale price of an MLB club.

Based on Forbes' estimates prior to the start of this season, there are currently five MLB teams valued above $3.9 billion: the New York Yankees ($8.5 billion), Los Angeles Dodgers ($7.8 billion), Boston Red Sox ($5.25 billion), Chicago Cubs ($5 billion), and San Francisco Giants ($4.05 billion). The sixth-ranked New York Mets are valued at $3.5 billion. Forbes assessed the Padres' value at $3.1 billion.

The current highest sale price record for an MLB team was set by Steve Cohen's acquisition of the Mets in 2020 at $2.4 billion. The Padres transaction price is approximately 60% higher than that previous record.

According to The Athletic, Feliciano's investment group outbid three other consortiums to successfully secure the purchase of the Padres. The other competing groups were led respectively by Detroit Pistons owner Tom Gores, Golden State Warriors owner Joe Lacob, and Everton FC owner Dan Friedkin.

The late former owner of the Padres, Peter Seidler, purchased the team for $800 million in 2012. Over the following years, he consistently invested heavily to strengthen the team, building strong competitiveness in recent seasons. However, after his passing in 2023, a dispute over control of the franchise erupted within his family, even leading to legal action. Ultimately, the family decided to sell the team, and now the news of this significant ownership change has emerged.