(Photo credit: Orlando Ramirez-Imagn Images)

A contentious two-year process to sell the San Diego Padres could cross the finish line with Chelsea owner Jose E. Feliciano reportedly placing a winning bid to purchase the team for a record $3.9 billion.

According to multiple reports, the framework of the agreement has been agreed to and the transaction only needs the approval of 75 percent of MLB owners to formally finalize the deal.

If approved, the sale price would shatter the previous record for an MLB franchise established when Steve Cohen purchased the New York Mets for $2.42 billion in 2020.

Feliciano, the founder of Clearlake Capital and part owner of Chelsea FC, and his wife Kwanza Jones were in the pool of bidders engaged by the Seidler Family to buy the team.

Longtime owner Peter Seidler died in 2023 and family was split on control of the team. John Seidler, currently chairman of the Padres, said in November the franchise would be sold. Forbes' valuation of the Padres entering the 2026 season was $3.1 billion.

Feliciano and Clearlake Capital own more than 60 percent of Chelsea. The ownership group also includes Mark Walter, Todd Boehly and Hansjorg Wyss.

Also in the running to purchase the MLB club were Joe Lacob, owner of the NBA's Golden State Warriors, the WNBA's Valkyries and the Chase Center in San Francisco; Dan Friedkin, principal owner of three European soccer clubs; and Tom Gores, who is the owner of Platinum Equities and the NBA's Detroit Pistons.

The Wall Street Journal reported sources confirming the sale agreement have been told the Padres would like to fully finalize the sale by June.

--Field Level Media