2 weeks ago
MLB approves $3.9 billion Padres sale to Feliciano and Jones
The San Diego Padres are a baseball team that plays in Major League Baseball.
The family that owned the team decided to sell it.
A man named Jose Feliciano and his wife Kwanza Jones are buying the team.
They are paying $3.9 billion, which is the most money ever paid for a baseball team.
All the other team owners voted yes to the sale.
The new owners say they want to bring a World Series championship to San Diego.
The people who run the team every day will keep their jobs.
The team is doing well this year and is in the playoff race.
The sale should be finished in the next few weeks.
MLB owners voted unanimously to approve the sale of the San Diego Padres to a group led by Jose E. Feliciano and Kwanza Jones.
The transaction carries an MLB-record valuation of $3.9 billion.
Feliciano and Jones agreed in May to buy the club from the family of the late owner Peter Seidler.
Padres CEO Erik Greupner and general manager AJ Preller will remain in their roles.
Feliciano, born in Puerto Rico, will become the second Latino principal owner in the majors alongside Arte Moreno.
- Who
- Jose E. Feliciano and Kwanza Jones, who are buying the San Diego Padres from the Seidler family; MLB owners approved the deal.
- What
- MLB owners unanimously approved the $3.9 billion sale of the San Diego Padres, an MLB-record valuation.
- Where
- San Diego, California, home of the Padres; the decision was made by Major League Baseball owners.
- When
- The approval was announced recently; the purchase agreement was struck in May, and closing is expected in the coming weeks.
- Why
- The Seidler family decided to explore a sale after the death of owner Peter Seidler, and the new owners aim to bring a World Series championship to San Diego.
Key facts
- Sale price
- $3.9 billion (MLB-record valuation)
- Buyers
- Jose E. Feliciano and Kwanza Jones
- Sellers
- Seidler family
- Owners' vote
- Unanimous approval
- Closing
- Expected in the coming weeks
- Team record
- 67-58, holding an NL wild-card spot
- Management
- CEO Erik Greupner and GM AJ Preller to remain
- Feliciano's firm
- Clearlake Capital, a Santa Monica private equity firm
Quotes
Kwanza Jones and Jose Feliciano
New owners of the San Diego Padres
“We are a family first, and becoming owners of the San Diego Padres means joining an even larger one. We are grateful to the Seidler family, and especially to Peter, for raising the expectations of what this franchise can achieve… Our ambition is clear: to bring a World Series championship to San Diego and build an enduring organization capable of competing for championships year after year.”
livemint.com
“We are all in and committed to winning.”
livemint.com
MLB commissioner Rob Manfred
Commissioner of Major League Baseball
“Jose and Kwanza understand the unique place the Padres hold in San Diego and the powerful bond between the club and its fans, we look forward to their leadership of the Padres and to working with them to build on the club’s strong foundation in a market that is so important to Major League Baseball.”
livemint.com
Sources
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