The San Diego Padres’ sale process is approaching its conclusion, with an agreement between the Seidler family and a preferred bidder expected as soon as early next week, a source with knowledge of the situation told The Athletic.
The development would cap a months-long auction that has drawn four finalist groups and a potential sale price of around $3.5 billion, a figure that would shatter the MLB record for a franchise sale ahead of a pivotal labor fight. The current benchmark of $2.42 billion was established in 2020 when Steve Cohen purchased the New York Mets.
The groups in the running for the Padres are led by José E. Feliciano, a co-owner of English Premier League club Chelsea; Dan Friedkin, the owner of EPL club Everton; Tom Gores, the owner of the NBA’s Detroit Pistons; and Joe Lacob, the lead owner of the Golden State Warriors. Each participated in a final round of bids this week.
The Padres did not immediately respond to a request for comment.
Once an agreement is reached, the sale would still require approval by at least 75 percent of MLB owners, a vote that could take place within a matter of weeks.
The Padres were put on the market in November, two years after the death of late owner Peter Seidler, whose aggressive spending brought national attention to a previously overlooked franchise operating in one of MLB’s smallest media markets. Now, a price tag widely expected to exceed $3 billion reflects the appeal of the San Diego market and the broader financial forces reshaping the sport. MLB’s collective bargaining agreement expires Dec. 1, and a sale of this magnitude could strengthen the Players Association’s argument that franchise values continue to surge even without a salary cap, the major change owners are expected to pursue in labor negotiations.
Some industry sources have cautioned against treating the Padres as a proxy for the market, pointing to the San Diego market’s affluence and the scarcity of California-based franchises likely to come up for sale in the near future. The Padres also stand to benefit more than most teams from potential labor reform. Should MLB secure new national media rights after the 2028 season, each club could begin receiving hundreds of millions of dollars annually. San Diego ranks near the bottom of the league in local media revenue.
A system that includes a payroll cap and floor could most directly constrain the World Series champion Los Angeles Dodgers, the Padres’ chief rivals. Even a modified version of the current CBA likely would include stricter limits on teams at the top of the sport’s salary structure.
Last month, Sportico and Forbes each estimated the Padres’ value at $3.1 billion, a 59 percent year-over-year increase for the latter publication. On the field, the club has sustained its recent momentum, winning seven consecutive games and drawing an average of 42,677 fans per home game.
