A group led by Chelsea Football Club co-owner José E. Feliciano and his wife Kwanza Jones is closing in on a deal to purchase the San Diego Padres for what will be a record-shattering $3.9 billion, multiple people briefed on the process told The Athletic.
The expected agreement, which will require approval by 75 percent of the league’s owners, easily surpasses the $2.42 billion Steve Cohen paid for the New York Mets in 2020. While the final net amount will be subject to the Padres’ roughly $300 million in debt and other terms, the new benchmark for an MLB sale could reverberate throughout the sport as it approaches a pivotal labor fight.
Born in Puerto Rico, Feliciano is the co-founder and managing partner of Clearlake Capital, a private equity firm based in Santa Monica, Calif. In 2022, Clearlake and Los Angeles Dodgers part-owner Todd Boehly led a consortium that purchased Chelsea, one of the English Premier League’s most prominent clubs, in a $5.24 billion deal. Forbes estimates Feliciano’s net worth at $3.9 billion.