Padres reach deal to sell to group led by Kwanza Jones, José E. Feliciano - ESPN

The San Diego Padres have reached an agreement to sell control of the team to an investor group led by Kwanza Jones and José E. Feliciano.

The family of late owner Peter Seidler formally announced the deal Saturday. The sale must still be approved by Major League Baseball.

The deal with the husband and wife pair of private equity billionaire Feliciano and Jones took shape last month at an MLB-record valuation of $3.9 billion. The Padres' announcement of the deal didn't give specifics on the members of the investor group or the purchase price, but a source told ESPN's Alden Gonzalez that Feliciano and Jones are expected to have about a 40% equity stake in the team. The Seidler family will retain some equity stake in the team.

«The Padres are more than a baseball team; they are a unifying force in San Diego, rooted in community, connection and belonging,» Jones and Feliciano said in a joint 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.

»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. We are all in — with the goal of bringing a World Series championship to San Diego."

Seidler's family began to explore a sale of the Padres last November, two years after the death