(Photo credit: Mark J. Rebilas-Imagn Images)

The San Diego Padres announced on Saturday an agreement to transfer control of the franchise to a new ownership group led by investors Kwanza Jones and Jose E. Feliciano, who reportedly had bid a record $3.9 billion.

The framework for the deal had been agreed to in April, according to multiple reports, and still needs the approval of 75% of the MLB owners to finalize the sale. A vote could occur at the next quarterly owners meeting in June.

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.

'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, who are married, said in joint statement released through the team. 'As life and business partners, and as a family, we are honored to lead this next chapter together.

'We have worked hard for everything we have achieved, and we have built it together. We see that same spirit in this team and its fans, and we know what it takes to win.'

Private equity billionaire Feliciano, founder of Clearlake Capital and part owner of the English Premier League's Chelsea FC, and 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% of Chelsea.

'We are committed to showing up, listening, and earning the trust of this community, while building on the strong foundation established by the Seidler family,' Jones and Feliciano said in their statement.

'This is about more than baseball -- it's about boosting the pride, energy, and connection that define the Padres, investing in community, deepening belonging, and ensuring this team remains accessible and endures for generations. We are all in -- with the goal of bringing a World Series championship to San Diego.'

The Padres have not announced terms on the purchase nor specifics on the investor group. ESPN and The Athletic reported that Feliciano and Jones will have up to a 40% equity in the team, while some members and associates of the Seidler family will keep some equity.

The Athletic reported that the new ownership will buy about 60% of the franchise, with other investors expected to include the Jacobs family of San Diego, whose patriarch Irwin Jacobs co-founded Qualcomm, and the Sycuan Band of the Kumeyaay Nation. Other potential investors would include a group led by Hall of Fame quarterback Drew Brees and Vuori investor Michael Persall, per The Athletic.

Feliciano is expected to become control person, succeeding John Seidler, who is Peter Seidler's eldest brother.

'I'm thrilled that after a highly competitive process, Kwanza Jones and Jose E. Feliciano will become the next majority owners of the Padres,' John Seidler said in a statement. 'When I became control person, my goal was to continue building on our recent success in pursuit of a World Series championship for the city of San Diego and our faithful fans. Now, as I pass the baton to Kwanza and Jose, I do so with full confidence that they share that vision, as well as the Padres deep commitment to San Diego. It's what the team, our fans, and the community deserve.

'Our family loves this team,' he continued. 'This is a bittersweet moment for us as we reflect on what the Padres have accomplished since my brother Peter became the steward of the franchise. I congratulate Kwanza, Jose, and the Padres, and wish them nothing but success. We look forward to a smooth transition.'

--Field Level Media