Padres Franchise Worth $1.75 Billion, Still Spending More Than They Make
It's no secret that your San Diego Padres have been spending money like a little kid in a candy shop these past few off-seasons. With all of the multi-year contracts they've guaranteed to their top players, it's going to accumulate to over $1 billion over the next decade.
Many people wonder where this money is coming from and how the franchise will be able to sustain paying such dough to their roster. Peter Seidler himself has confirmed that he views this plan as an investment and expects his money to return once the team starts winning.
We have now been given exact details on the team's financial state thanks to Forbes Magazine and some of them may surprise. Let's just say that Seidler has quite the confidence in Manny Machado, Juan Soto, and the rest of this group to sell a ton of tickets this season.
"The magazine’s valuation of the team actually rose 11 percent year over year to $1.75 billion. But within its reporting, Forbes estimated the Padres had operating losses of $55 million in 2022. That was $23 million more than it lost in ‘21, according to Forbes’ estimates."
(Via Kevin Acee of The San Diego Union-Tribune)
To be fair, the Padres now are not the same team they were in 2022. Fernando Tatis Jr. is set to be back in the lineup very soon, Xander Bogaerts was acquired, and Juan Soto will have a Spring Training with the squad under his belt. They are in a much better marketing standpoint than they were last year.
It is crazy to think that the Friars have the third-highest payroll in the league, only behind the Mets and Yankees. San Diego is a far smaller city than New York and the fact they are even in the same breath as them when it comes to spending says a lot about Seidler's commitment to winning.
A lot of what San Diego has going on right now and whether it remains depends on their success in the 2023 season, including their budget.
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