The San Diego Padres’ sale is nearing its conclusion, with a deal between the Seidler family and a chosen buyer anticipated as early as next week, a source familiar with the situation informed The Athletic.
This development would culminate a multi-month auction that saw four final bidding groups emerge and a potential sale price of around $3.5 billion. This figure would significantly surpass the existing MLB record for a franchise sale, occurring just before a crucial labor dispute. The current benchmark of $2.42 billion was set in 2020 when Steve Cohen acquired the New York Mets.
The groups competing 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, who owns the NBA’s Detroit Pistons; and Joe Lacob, the principal owner of the Golden State Warriors. Each submitted bids in the final round this week.
The Padres did not immediately respond to a request for comment.
Once an agreement is finalized, the sale would still require approval from at least 75 percent of MLB owners, a vote that could potentially happen within weeks.
The Padres were placed on the market in November, two years after the passing of former owner Peter Seidler. His aggressive spending brought national recognition to a previously overlooked franchise operating in one of MLB’s smallest media markets. Now, a valuation widely expected to exceed $3 billion reflects the attractiveness of the San Diego market and the broader economic forces shaping the sport. MLB’s collective bargaining agreement expires on December 1st, and a sale of this magnitude could strengthen the Players Association’s argument that franchise values continue to surge even without a salary cap—a major change owners are expected to pursue in upcoming labor negotiations.
Some industry experts have advised against treating the Padres’ sale as a direct indicator for the broader market, pointing to San Diego’s affluent demographic and the limited availability of California-based franchises likely to be sold in the near future. The Padres also stand to benefit more than most teams from potential labor reforms. Should MLB secure new national media rights after the 2028 season, each club could begin receiving annual payments in the hundreds of millions. San Diego currently ranks near the bottom of the league in local media revenue.
A system incorporating a payroll cap and floor would most directly constrain the World Series champion Los Angeles Dodgers, the Padres’ primary rivals. Even a modified version of the current CBA would likely include stricter limits on teams at the top of the sport’s salary structure.
Last month, both Sportico and Forbes independently estimated the Padres’ value at $3.1 billion, with Forbes reporting a 59 percent year-over-year increase. On the field, the club has maintained its recent momentum, securing seven consecutive wins and attracting an average of 42,677 fans per home game.