Source: Sportico

Second-round bids for the San Diego Padres were due this week, and all first-round bidders submitted new offers, including three of at least $3.5 billion, according to multiple people familiar with the details who were granted anonymity because the details are private. One of the bids approached $4 billion, according to two people.

The Padres and boutique investment bank BDT & MSD, which was retained last November to explore a potential sale of the MLB club, declined to comment. The Times of San Diego was the first to report on second-round bids that “approached $3.5 billion.”

The four finalists for the Padres include José E. Feliciano, whose Clearlake Capital is a backer of Chelsea, and Dan Friedkin, whose Pursuit Sports owns Everton and AS Roma. Feliciano’s bid is alongside his wife, Kwanza Jones. The other two are Golden State Warriors co-owner Joe Lacob and Detroit Pistons owner Tom Gores, who bought a 27% stake in the Los Angeles Chargers in 2024.

The Padres were valued at $3.1 billion in Sportico’s latest MLB valuations, up 34% over the previous year, thanks to strong results on and off the field. Attendance in 2025 was 3.44 million, which ranked second in baseball behind the Los Angeles Dodgers, San Diego’s NL West rival. Gross revenue topped $500 million last year, Sportico previously reported. The club’s operating income was roughly $20 million.

The record sale price for an MLB franchise is $2.42 billion for Steve Cohen’s purchase of the New York Mets in 2020.

The Padres’ sale is viewed as a litmus test for valuations at a critical time for baseball. Many investors believe MLB teams are undervalued—the revenue multiple is 6.6x in Sportico’s valuations, by far the smallest of the five major U.S. men’s leagues, with potential structural changes coming that could grant owners greater cost certainty—and the Padres’ sales deck projects higher profits under a new CBA. Yet, the league and its players must navigate a labor battle that many believe could result in missed games next year.

The Padres’ owners announced the sale process in November, amid a legal battle between family members of late owner Peter Seidler, who died in 2023. Seidler’s widow, Sheel Kamal Seidler, sued his brothers, Bob and Matt, in Texas probate court, alleging they breached their fiduciary duties as trustees of Peter’s trust. One of the trust’s main assets is the control ownership stake in the Padres. In February, a court filing showed that Sheel has dismissed most of her original claims.

The current Padres ownership group, which includes at least 10 people or entities, bought the team in 2012 for $800 million. The largest stake of roughly 24% is held by the Peter Seidler Trust, with Sheel and her three children the beneficiaries.

The Padres have started the 2026 season 12-6 and sit two games behind the Dodgers in the NL West. Attendance again ranks second in baseball behind only the Dodgers.

(This story has been updated in the third paragraph to add that Kwanza Jones is part of one of the bids.)