San Diego Padres near MLB record $3.9bn sale to Chelsea co-owner
The San Diego Padres are on the verge of being sold to Chelsea co-owner Jose E Feliciano and his wife Kwanza Jones for a Major League Baseball record of $3.9bn (£3.1bn).
The proposed transaction will comfortably surpass the previous benchmark of $2.4bn set by Steve Cohen’s acquisition of the New York Mets in 2020.
Completion of the historic agreement requires formal approval from 75% of team owners across the league.
A decisive ratification vote is expected to take place at the next scheduled executive meetings in June.
Expanding a sports portfolio
Feliciano is the co-founder and managing partner of the Santa Monica-based private equity firm Clearlake Capital.
The 53-year-old already possesses significant experience in elite sports ownership following a prominent investment in the English Premier League.
Clearlake Capital previously partnered with Los Angeles Dodgers part-owner Todd Boehly to lead a consortium that purchased Chelsea for $5.24bn (£4.25bn) in 2022.
Under the terms of this latest acquisition, the businessman will be officially designated as the controlling owner of the Californian baseball franchise.
Beating rival bidders
The successful proposal overcame strong competition from several prominent figures across the American sporting landscape.
Rival bidders reportedly included Golden State Warriors owner Joe Lacob, Detroit Pistons chief Tom Gores and businessman Dan Friedkin.
The Major League Baseball club was initially made available on the market last November.
This organizational shift followed the passing of former chairman Peter Seidler, whose family ultimately initiated the comprehensive sale process.
