The Padres announced an agreement Saturday to transfer control of the franchise to a new ownership group led by investors Kwanza Jones and José Feliciano.
The new ownership group reportedly valued the team at $3.9 billion — a record for a major league baseball team.
According to The Athletic the group acquired a 40% stake in the team.
Jones and Feliciano, a married couple, said 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 statement Saturday. "As life and business partners, and as a family, we are honored to lead this next chapter together."
The Sycuan Band of the Kumeyaay Nation is reportedly also part of the new ownership group.
Sportscaster Craig Elsten has covered the Padres for almost 30 years, most recently as co-host of the Padres Hot Tub podcast. He said this deal is good new for fans nervous about what new ownership could mean.
"You don't buy in to a situation like this — a team that has a lot of debt, a lot of payroll, huge attendance, a beautiful ballpark — you don't buy this to strip it and flip it," Elsten said. "The Padres sold because they're so attractive, and having owners that are willing to invest in the project as it is should be attractive to Padres fans as well."
Questions about the future of the team have persisted since the death of former chairman Peter Seidler in 2023.
Control of the team was the subject of a 2025 lawsuit brought by Sheel Seidler against her brothers-in-law for control of the team. After the team was put up for sale late last year the lawsuit was dropped.
The Padres will continue operations as normal while awaiting the deal's approval from Major League Baseball, the team said.
