Source: Padres finalizing sale for MLB-record $3.9 billion - ESPN

The San Diego Padres are on the verge of being sold for a record price of $3.9 billion to Jose E. Feliciano, co-owner of Chelsea Football Club, and his wife, Kwanza Jones, a source confirmed to ESPN on Friday.

The sale price easily tops the previous record of $2.4 billion for an MLB franchise, set by Steve Cohen when he purchased the New York Mets in 2020. Before being finalized, the sale must be approved by 75% of Major League Baseball's owners, with the next owners meetings scheduled for June.

The Wall Street Journal first reported the news, adding that Feliciano will be designated as the controlling owner.

Feliciano, 53, is co-founder and managing partner of Clearlake Capital, a private-equity firm based in Santa Monica, California. In 2022, Clearlake and Todd Boehly, part-owner of the Los Angeles Dodgers, led a consortium that purchased Chelsea for $5.24 billion.

In their purchase of the Padres, Feliciano and Jones beat out three other bidders, according to The Athletic, including: Tom Gores, owner of the Detroit Pistons; Joe Lacob, owner of the Golden State Warriors; and businessman Dan Friedkin.

The family of late owner Peter Seidler put the Padres up for sale in November and will soon end a 14-year ownership tenure.

In 2012, Seidler; his uncle, Peter O'Malley, son of former Dodgers owner Walter O'Malley; and Ron Fowler formed the group that purchased the Padres for $800 million. As Seidler assumed more control, the Padres went from a forgotten franchise operating in a relatively smaller market to a financial behemoth.

The Padres boasted payrolls that exceeded $200 million every year from 2021 to 2023, while locking in stars such as Manny Machado, Fernando Tatis Jr., Jackson Merrill, Xander Bogaerts, Joe Musgrove