The sale of the San Diego Padres is nearing a conclusion, with four finalist groups still in the mix and a price that could approach $3.5 billion. The franchise has been on the market since November, when John Seidler said the family had “decided to begin a process of evaluating our future with the Padres, including a potential sale of the franchise.”
The remaining bidder groups are led by Tom Gores, Joe Lacob, José E. Feliciano and Dan Friedkin, according to reporting from Dennis Lin of The Athletic. Gores owns the Detroit Pistons, Lacob owns the Golden State Warriors, Feliciano is associated with Chelsea and Friedkin is associated with Everton.
If the sale lands north of $2.4 billion, it would set a new record for the largest sale of a franchise in MLB history, topping Steve Cohen’s 2020 purchase of the Mets from the Wilpon family for $2.4 billion. Public estimates put the Padres well below that figure, with Forbes valuing the team at $1.9 billion and Sportico at $2.3 billion.
The process has moved against a backdrop of upheaval that began with Peter Seidler’s death in November of 2023. John Seidler was later approved by the league’s other owners as the team’s new control person, while the family’s internal fight spilled into court when Sheel Seidler sued Matt Seidler and Bob Seidler over alleged fiduciary duty breaches and fraud. That dispute was largely settled outside of court in February.
For the Padres, the question now is not whether a sale is coming, but how close the final price gets to the ceiling bidders are willing to set.
