Padres’ Sale Nearing Conclusion
The Seidler family’s sale of the Padres franchise is nearing a conclusion, reports Dennis Lin of The Athletic. Four finalist groups of bidders remain in the mix, and the sale price could approach a record $3.5 billion, per the report.
A sale of the franchise has been in the works since November. At the time, chairman John Seidler announced that his family had “decided to begin a process of evaluating our future with the Padres, including a potential sale of the franchise.” As of February, five bidding groups were in the mix. That’s down to four, with Lin listing a quartet of groups led by Detroit Pistons owner Tom Gores, Golden State Warriors owner Joe Lacob, and a pair of English Premier League owners: José E. Feliciano (Chelsea) and Dan Friedkin (Everton). The identities of all four lead investors in those bidding groups were already known, but it’s notable that there are still four strong bidders with existing interests in professional sports teams.
Padres ownership has been in a tumultuous state for more than two years now. Late owner Peter Seidler, who had an aggressive willingness to spend, passed away in November of 2023. His brother, John, was eventually approved by the league’s other owners as the team’s new control person, but not before some legal in-fighting among the family.
Peter’s widow, Sheel Seidler, sued two of her brothers-in-law, Matt and Bob Seidler, alleging that they had breached fiduciary duty and committed fraud as successors of their late brother’s trust. Sheel Seidler accused Matt and Bob of selling assets to themselves at “far” below-market prices as they attempted to consolidate control of the franchise. Matt vehemently denied the allegations in a formal statement, wherein he accused Sheel of “manufacturing claims” against other trustees in an effort to secure control of the franchise herself. Sheel Seidler’s suit was largely settled outside of court back in February, paving the way for the family to accelerate efforts to sell the team.
Anything north of $2.4 billion would set a new record for the largest sale of a franchise in MLB history. Steve Cohen’s $2.4 billion purchase of the Mets from the Wilpon family back in 2020 currently stands as the all-time record. Forbes ($1.9 billion) and Sportico ($2.3 billion) have pegged the Padres’ estimated franchise value considerably south of the $3.5 billion sum referenced by Lin, though the San Diego Union-Tribune reported back in February that the Seidler family was likely to seek a price far greater than those valuations in order to sell the club.
Padres Notes: Sale, Gores, Payroll
It seems the process of selling the Padres is making good progress and could be completed in relatively short order. Dennis Lin and Ken Rosenthal of The Athletic report that there are four groups still in the bidding. It was known that Jose E. Feliciano, Dan Friedkin and Joe Lacob were leading three of the groups. They report that Tom Gores, owner of the National Basketball Association’s Detroit Pistons, is leading the fourth. The report also suggests the bidding is hot and should push well beyond $3 billion, perhaps even getting beyond $3.5 billion. The next and final round of bidding is expected to take place in early to mid-April with an agreement potentially in place before that month is over.
Gores, 61, is the founder of Platinum Equity. Gores and that company bought Palace Sports and Entertainment, the parent company of the Pistons and their former arena, in 2011 for $325MM. He later bought out the company’s stake to become the sole owner. His other sports ventures have included attempting to bring a Major League Soccer franchise to Detroit and purchasing a 27% stake in the NFL’s San Diego Chargers. Forbes currently pegs his net worth at $10.1 billion.
It’s not currently known if any of the four groups is considered a favorite over the others but it seems as though more clarity should be forthcoming soon, giving the reported timeline. If the reports on the potential sale price come true it will shatter a record. The highest sale price to date for an MLB franchise is the $2.4 billion Steve Cohen paid for the Mets in 2020.
Lin and Rosenthal point out that such a big price could impact the upcoming collective bargaining negotiations between Major League Baseball and the MLB Players Association. The MLBPA could point to the sale as a sign that the economics of the game are strong even without a salary cap. The league is expected to push for a cap this winter during the anticipated lockout. On the other hand, Lin and Rosenthal point out that the San Diego market is unique and that other clubs such as the Twins and Nationals struggled to get around $2 billion when pursuing sales not too long ago.
The Seidler family announced in November that they would be pursuing a sale of the franchise. At that time, it appeared some squabbling within the family could hamper those efforts but reporting in February indicated that some of the legal bumps had been smoothed out and that five prospective buyers had submitted bids. The field has now been whittled down to the four aforementioned groups.
Turning to the 2026 team, the Friars yesterday put Yu Darvish on the restricted list. That came as a surprise since Darvish was expected to land on the injured list, as he is going to miss the entire 2026 season while recovering from elbow surgery. That he was instead placed on the restricted list suggests he is away from the team for some non-baseball reason.
Darvish’s contract had him slated for a $15MM salary this year but players on the restricted list are not paid, so the move led to speculation the Friars could perhaps redirect some savings towards a free agent. Lucas Giolito is the top unsigned guy and the Padres have rotation questions, so it was fair to wonder about a match there.
However, Kevin Acee of the San Diego Union-Tribune says that framing of the situation is not accurate. Acee says the club knew about Darvish’s situation for months and it had already been factored into their offseason, indirectly helping them sign players like Michael King, Miguel Andujar and Griffin Canning.
Photo courtesy of Lon Horwedel, Imagn Images
Latest On Padres’ Ownership
The legal battle which has been hovering over the Padres for the past year-plus moved a bit closer to resolution this week. While it’s not over the finish line, it appears the club took one step toward closer to potentially being sold. Various details were provided by Dennis Lin of The Athletic, Eben Novy-Williams, Kurt Badenhausen and Scott Soshnick of Sportico, as well as Kevin Acee of the San Diego Union-Tribune.
Interested readers are encouraged to read those pieces in full to get all of the pertinent details. The key takeaway is that Sheel Seider, widow of Peter Seider, has dropped many of the claims in her lawsuit against Peter’s brothers. The two sides of the lawsuit have reached agreement on many of the claims, with the exceptions of those related to trust distributions and demand for accounting.
After Peter died in November of 2023, his stake in the team was placed in a trust. Eric Kutsenda, a business associate of Peter’s, was made the club’s control person on an interim basis. Teams are often owned by many people but MLB designates one individual the control person to represent the team in league matters. Peter’s brother John Seidler was reportedly set to be named control person in December of 2024. Two of Peter’s other brothers, Matt and Bob, remained involved in his trust.
In January of 2025, Sheel filed suit against Matt and Bob, seeking to be named control person of the franchise. The suit claimed that Peter wanted control of the franchise to eventually pass to his young children, with her steering the franchise in the interim. The suit accused Peter’s brothers of various types of malfeasance to take control of the club, including selling themselves assets at below-market prices, and to eventually sell it. Matt then filed a response with a counter narrative, saying that Peter never listed Sheel as a trustee despite amending his trust multiple times and that many transactions had been made to her benefit.
MLB approved John as control person on February of 2025. In November of 2025, the Padres announced that they would be exploring a sale of the club, despite no signs of progress with the dispute. As mentioned, this week’s news seems to represent progress, but with some hurdles remaining.
Acee reports it’s likely that a sale will not take place until full resolution of the legal matters. That’s a situation with some recent precedent in Major League Baseball. After the death of Orioles’ owner Peter Angelos, his surviving family members engaged in a similar fight for control, also involving lawsuits. Those suits were dropped in February of 2023. Later that year, it was reported that David Rubenstein was in talks to buy the club, which he eventually did.
Sportico identifies Jose E. Feliciano and Dan Friedkin as two people interested in buying the club. Feliciano’s investment firm Clearlake Capital was part of the BlueCo consortium which bought the English Premier League club Chelsea in 2022 for roughly $3 billion in USD. Forbes estimates Feliciano’s net worth to be $3.9 billion. Clearlake reportedly has about $90 billion under management. Mark Walter, Dodgers’ control person and chief executive officer of Guggenheim Partners, was also part of BlueCo.
Friedkin also owns a Premier League club, having purchased Everton in 2024 for an undisclosed price. He also owns the Serie A club Roma. Forbes estimates his net worth to be just under $9.9 billion. He was born in San Diego in 1965.
Joe Lacob is also identified as someone with interest by all three articles linked above. Lacob has been connected to various MLB clubs in the past, including the Athletics and the Angels. He owns the NBA’s Golden State Warriors and the WNBA’s Golden State Valkyries. Forbes estimate his net worth to be $2.3 billion.
Forbes calculates the value of the franchise at $1.95 billion. Sportico comes in a bit higher at $2.3 billion. This week’s reporting suggests the Padres are likely to seek far more than that, with Acee reporting the team likely values itself in the $2.5 to $3 billion range. If they can get anywhere close to that, it would be a record. The largest sale of an MLB club to date is the $2.4 billion Steve Cohen paid to buy the Mets.
It’s possible that a sale could provide some greater certainty about the future of the club in a few areas. The player payroll peaked in 2023, with Cot’s Baseball Contracts putting the Friars at $249MM that year, but has been at a lower tier since then.
That has seemingly played a role in some transactions. Juan Soto‘s final year of club control was traded to the Yankees, with younger and cheaper players coming back in return. The Friars signed Nick Pivetta last year but backloaded it significantly, with Pivetta only getting $4MM in the first year of a four-year, $44MM deal. With the cheapest year now completed, he has been in trade rumors this winter.
The person making the decisions about those transactions is president of baseball operations A.J. Preller, who has been running the San Diego front office since 2014. There has been some reported tension between him and the new guys running the team. Despite the club being fairly successful on the field, Preller is going into the final year of his contract and rumors of extension talks haven’t led to a new deal, putting him in lame duck status for 2026.
Photo courtesy of Chadd Cady, Imagn Images