Source: Aol

The San Diego Padres’ sale process is close to being finalized with private-equity billionaire José E. Feliciano and his wife Kwanza Jones purchasing the team for $3.9 billion, according to the Wall Street Journal.

The valuation would be about $1.5 million more than what Steve Cohen paid for the New York Mets in 2020 and would be the highest ever for an MLB franchise.

Any agreement would require approval from 75% of MLB owners.

Ownership groups led by Golden State Warriors and Valkyries principal owner Joe Lacob, Detroit Pistons and Platinum Equities owner Tom Gores, and AS Roma, AS Cannes and Everton FC owner Dan Friedkin, along with Feliciano and Jones, were reportedly among the bidders under consideration.

The Seidler family, which currently owns the Padres, has been exploring a potential sale since November. Chairman and majority stakeholder Peter Seidler died in November 2023 at the age of 63 after a long illness. John Seidler, Peter’s brother, currently controls the family trust, and thus the Padres, after being approved by MLB owners a year ago.

Interest in the Padres comes amid a strong run for the franchise. The team has made the playoffs in four of the past six seasons, including reaching the National League Championship Series in 2022, when they lost to the Philadelphia Phillies.

The Padres are 13-6 this season, entering play Friday.