MLB owners approve San Diego Padres sale to group led by Jose E. Feliciano and Kwanza Jones

It took a couple of months longer than expected but Major League Baseball owners overwhelmingly voted on Monday to approve the MLB record $3.9 billion sale of the San Diego Padres to a new ownership group led by Jose E. Feliciano and his wife Kwanza Jones, clearing the way for them to take over operational control by the end of the week.

Feliciano, co-founder of private equity firm Clearlake Capital, and Jones won a bidding war over three other finalists in April for the right to but the team from the Seidler family, who in 2012 led a group to purchase the Padres for $800 million. Since then they’ve been working to finalize their full ownership hierarchy while undergoing a vetting process by an eight-member committee of eight current league owners. That collection recently signed off on the sale and sent it along for a formal vote to the other 29 owners, who unanimously approved it.

“We are a family first, and becoming owners of the San Diego Padres means joining an even larger one,” said Jones and Feliciano in a statement. “We are grateful to the Seidler family, and especially to Peter, for raising the expectations of what this franchise can achieve. We have built our life and our work together, and we will bring that same shared purpose, commitment, and determination to our stewardship of the Padres. It is a source of immense pride and an extraordinary opportunity to become part of a team, a tradition, and the San Diego community that has supported it so faithfully.”

During the sales process there were fears the Padres could be sold to a group that would consider moving the franchise away from San Diego. That does not seem to be in the plans for the new owners.

“Our ambition is clear: to bring a World Series championship to San Diego and build an enduring organization capable of competing for championships year after year,” said Jones and Feliciano in a statement. “We intend to be engaged owners, bringing our energy, experience, and perspective while working alongside the talented team already in place and investing ambitiously and thoughtfully in the Padres’ future. That means pursuing excellence and innovation throughout the organization, delivering a first-class experience at Petco Park, deepening the bond with the faithful fans, and making a positive impact across the San Diego community. We are all in and committed to winning.”

For the time being the franchise will continue to be led by CEO Erik Greupner and President of Baseball Operations A.J. Preller, who both recently signed contract extensions.

Since a 30% ownership stake in Petco Park is also included in the deal it must be approved by the City of San Diego, a process that’s expected to be procedural, allowing the deal to be closed by the end of the week. The organization says once the transaction is finalized the new owners will be available and introduce themselves to the Friar Faithful in a formal press conference.