Padres Sale: A New Era on the Horizon
In Peoria, Arizona, the Padres are on the brink of a significant transition. The Seidler family's exploration of selling the team is rapidly advancing, with five robust bids on the table.
Sources familiar with the process, who have chosen to remain anonymous, indicate that several bidders are progressing to the next phase of vetting. It’s anticipated that the team could change hands within the first month of the season, potentially finalizing by the end of March, just as Opening Day approaches on March 26.
Among the known contenders for ownership are Jose E. Feliciano, Dan Friedkin, and Joe Lacob.
Feliciano, originally from Puerto Rico, is a founding partner of ClearLake Capital and the principal owner of Chelsea in the Premier League. Friedkin, with roots in San Diego and a current residence in Texas, holds stakes in Serie A's Roma and Everton in the Premier League.
Lacob, who resides in the Bay Area, is well-known as the principal stakeholder in the NBA’s Golden State Warriors.
Adding intrigue, The Athletic has reported that Joe Kudla, CEO of Carlsbad-based Vuori, has teamed up with former NFL quarterback Drew Brees to lead one of the bids. Brees, recently inducted into the NFL Hall of Fame, began his career with the then-San Diego Chargers. The identity of the fifth bidder remains under wraps.
The sale, spurred by the passing of chairman Peter Seidler in November 2023, could set a new benchmark in MLB valuations, with estimates suggesting a price exceeding $2.5 billion. This would surpass the previous record of $2.4 billion paid for the Mets in 2020.
The Seidler family, owning less than half of the team, includes a 24% stake held by Peter Seidler’s trust. This trust, benefiting his widow Sheel and their three children, is the largest single ownership portion. The ownership group comprises 10 to 12 entities, all with the right to sell their stakes.
John Seidler, Peter’s eldest brother, stepped into the role of the Padres’ control person in February 2025. His leadership followed Eric Kutsenda’s interim control after Peter’s passing. The transition was part of a planned succession announced in December 2024.
In a twist, Sheel Seidler filed a lawsuit in January 2025 against Matt and Robert Seidler, the trustees of her husband’s trust, claiming mismanagement and seeking control of the team. Although much of the lawsuit has been resolved, some claims remain regarding the management of the trust and income distribution.
As the sale process unfolds, the Padres stand on the cusp of a new chapter, with potential new ownership poised to steer the franchise into its next era.