Padres Kwanza Jones, Jose E. An agreement was reached to sell to the group led by Feliciano

D San Diego Padres Kwanza Jones and Jose E. An agreement was reached to sell control of the team to an investor group led by Feliciano.

The family of late owner Peter Seidler officially announced the deal on Saturday. The sale still has to be approved by Major League Baseball.

The deal with private equity billionaire Feliciano and his wife took shape last month An MLB-record valuation of $3.9 billion. The Padres’ announcement of the deal did not provide specifics on the members of the investment group or the purchase price, but a source told ESPN’s Alden Gonzalez that Feliciano and Jones are expected to have about a 40% equity stake in the team. The Seidler family will retain some equity stake in the team.

“The Padres are more than a baseball team; they are a unifying force, community, connection and belonging in San Diego,” Jones and Feliciano said in a joint statement. “As partners in life and business, and as a family, we’re honored to lead this next chapter together. We’ve worked hard for what we’ve achieved, and we’ve built it together. We see that same spirit in this team and its fans, and we know what it takes to win. We’re committed to showing up, listening and earning the trust of this community based on the strong foundation established by Se.”

“This is about more than baseball — it’s about increasing the pride, energy and connection that defines the Padres, investing in the community, deepening kinship and making sure this team is accessible and enduring for generations. We’re all in — with the goal of bringing a World Series championship to San Diego.”

Sadler’s family began exploring the sale of the Padres last November, two years after the death of legendary Peter Sadler, who became the Padres’ primary owner in 2020. His brother John Seidler has served as chairman of the Padres since his death.

“When I took over, my goal was to build on our recent success in pursuit of a World Series championship for the city of San Diego and our loyal fans,” John Seidler said in a statement. “As I pass the baton to Cuanza and Jose, I do so with full confidence that they share that vision as well as the Padres’ deep commitment to San Diego. This is what the team, our fans and community deserve. Our family loves this team.”

Peter Seidler joined the Padres’ ownership group in 2012 after John Moores sold the team to a group led by Ron Fowler for $800 million. Seidler took over and immediately endeared himself to San Diego fans with the aggressive financial support of general manager AJ Preller, who built a team that reached the playoffs in four of the past six years.

The Padres have been a hot ticket for several years as San Diego’s only team in North America’s four biggest sports leagues, ranking second among the majors in attendance last season. Preller’s roster is off to another strong start this season, sitting in second place in the NL West at 19-12 against one home game. Chicago White Sox Saturday night.

Jones and Feliciano had already begun their new endeavor when they traveled to Mexico City to visit. Padres International Series against Arizona Diamondbacks. The couple was spotted sitting down with Padres CEO Eric Grupner.

Feliciano will become the second Latino owner in baseball, joining Los Angeles Angels Owner Art Moreno. Latino and Hispanic players comprise about 30% of major league rosters.

This report uses information from The Associated Press.