Padres make agreement for transfer of control official

Another step has been taken in the process that will shape the future of San Diego's only major sports franchise, as the Seidler family announced it has entered into a definitive agreement for transfer of control of the Padres to a group led by José E. Feliciano and Kwanza Jones.

And it seems a team will be running the team.

"The Padres are more than a baseball team; they are a unifying force in San Diego, rooted in community, connection, and belonging," Feliciano and Jones said in a statement. "As life and business partners, and as a family, we are honored to lead this next chapter together."

"We have worked hard for everything we have achieved, and we have built it together. We see that same spirit in this team and its fans, and we know what it takes to win. We are committed to showing up, listening, and earning the trust of this community, while building on the strong foundation established by the Seidler family."

Feliciano will serve as control person of the Padres once the sale is finalized. But he and Jones, who met in college and have been married since 2002, will run the team as a partnership.

That is according to multiple people, who used the words "equal" and "together in everything" when speaking of how Feliciano and Jones operate their business and philanthropic ventures.

According to people familiar with the couple's thinking, their purchase of about 40% of the Padres is a "personal investment" that is meant to be in their control for generations.

Those people were not willing to speak publicly because the sale of the team has not been finalized.

Feliciano is often referred to as a majority owner of the Premier League team Chelsea. The club is, in fact, controlled by funds managed by Clearlake Capital, the private equity firm Feliciano co-founded.

Feliciano is said to wake up early in the United States to watch Chelsea matches, and he is one of three people who control the team.

Baseball, however, is his first love. Feliciano grew up steps from a baseball field in Puerto Rico and was a catcher in Little League. Jones was raised in Washington, D.C., and ran track at Princeton.

The couple lives in Los Angeles but has plans to purchase a home in San Diego and expand their philanthropic involvement in the region.

"This is about more than baseball - it's about boosting the pride, energy, and connection that define the Padres, investing in community, deepening belonging, and ensuring this team remains accessible and endures for generations,” the couple said in a statement released by the Padres. “We are all in - with the goal of bringing a World Series championship to San Diego."

The Seidler family's control, which has by many measures comprised the most successful period in franchise history, will likely come to an official close at the next scheduled meeting of MLB owners in June. Approval of the sale is contingent on approval by at least three-quarters of the other 29 team owners.

"Our family loves this team," Padres chairman John Seidler said in a statement. "This is a bittersweet moment for us as we reflect on what the Padres have accomplished since my brother Peter became the steward of the franchise. I congratulate Kwanza, José, and the Padres, and wish them nothing but success. We look forward to a smooth transition."

Peter Seidler's trust, of which his widow, Sheel Seidler, and their three young children are the beneficiaries, held the largest stake in the Padres at 24%. Other members of the Seidler family owned a combined stake of approximately 25%.

It is the trust's portion that makes up the bulk of what Feliciano and Jones are buying.

In all, about 10 to 12 people or entities held a share of the team, and several will continue to be part of the new ownership group.

That includes multiple members of the Seidler family.

Mexican billionaire Alfredo Harp Helú, whose 15% portion of the team made him the second-largest shareholder behind Peter Seidler's trust, is also retaining the entirety of his share.

Gary, Hal, Jeff and Paul Jacobs, sons of Qualcomm co-founder Irwin Jacobs, are keeping the ownership stake they have held since 2009.

Erik Greupner is staying on as CEO and will keep the majority of his equity in the team, which was said by sources to be around 4%.

Some of the current owners are divesting some or all of their interest. Others are purchasing a larger portion. New investors expected to be part of the group, including the Sycuan Band of the Kumeyaay Nation, are still being finalized.

While the final makeup of the ownership group and percentage each stakeholder will ultimately own has not been finally determined, the sale price values the Padres at $3.9 billion. That is a record valuation for an MLB team, about $1.5 billion more than Steve Cohen paid for the Mets in 2020.

The Seidler family announced it was exploring a sale of the team in November, almost exactly two years after former chairman Peter Seidler died.

Longtime local businessman and philanthropist Ron Fowler and Peter Seidler headed a group that bought the team for $800 million in 2012. Seidler, a grandson of late Dodgers owner Walter O'Malley, relocated to San Diego from Los Angeles at that time.

Fowler served as team chairman through the 2020 season, overseeing the hiring of president of baseball operations A.J. Preller, an overhaul of the team's minor league system, the signing of Eric Hosmer and Manny Machado and a return to brown uniforms.

Seidler took over as club chairman in November 2020, shortly after the team made its first playoff appearance in 20 seasons. He bought out Fowler’s stake in the team the next year.

Eric Kutsenda, Peter Seidler’s longtime friend and business partner, was interim chairman from November 2023 until John Seidler was approved as chairman in February 2025.

John Seidler is Peter Seidler’s eldest brother. He took over as executor of Peter Seidler’s trust at the end of 2024, amid legal wrangling with Sheel Seidler.

Sheel Seidler sued Matt and Robert Seidler, former executors of the trust, in January 2025, accusing them of fraud and alleging she was the rightful owner of the Padres. Most aspects of that suit were settled earlier this year.

"I'm thrilled that after a highly competitive process, Kwanza Jones and José E. Feliciano will become the next majority owners of the Padres," John Seidler said as part of the Padres' statement. "When I became control person, my goal was to continue building on our recent success in pursuit of a World Series Championship for the city of San Diego and our faithful fans. Now, as I pass the baton to Kwanza and José, I do so with full confidence that they share that vision, as well as the Padres deep commitment to San Diego. It's what the team, our fans, and the community deserve."

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This story was originally published May 2, 2026 at 1:03 PM.