Padres Sale Takes Major Step Forward as Expected Price Nears $3.5 Billion

Amid the San Diego Padres finally putting everything together on the field, the organization is still dealing with the ongoing sale process of the franchise.

There are four bidders currently in the sweepstakes, and it seems that it could be coming to a conclusion soon.

According to Barry M. Bloom of Times of San Diego, the sale of the Padres has taken another step toward being completed. Bloom has reported that the second round of bids is in, and team could go for around $3.5 billion, which was on the higher end of projections of late.

"The four parties trying to buy the Padres submitted a second round of bids on Tuesday and all approached the $3.5 billion mark, a source close to the negotiations told Times of San Diego. But the eventual Padres sales price — already expected to be the largest in Major League Baseball history — could still go higher," wrote Bloom.

This report only adds more fuel to the fire that the sale of the Padres will go down as the biggest in the history of baseball. Currently, that number is set at $2.4 billion, when Steve Cohen purchased the New York Mets in 2020.

The price to buy the Padres organization has been estimated at anywhere between some thinking the team could go for $3 billion, while others, such as Bloom, believe $3.5 billion is within the cards. But either way, this is a massive increase from the $800 million that the Seidler/O'Malley families bought the team for in 2012.

No matter where the number lands, this purchase could end up being a steal for the new owner. Due to the increase in TV contracts and the potential for a salary cap to be added into the future CBA, San Diego may be able to level the playing field.

One of the more well-known parties to place a bid is Joe Lacob, owner of the Golden State Warriors. And it has been reported that some within the organization may be hoping that Lacob ends up winning the bid.

The Padres have been top spenders in terms of payroll; the team has had a top-15 payroll in baseball every year since 2020. There has been a lot of time and money put into this franchise, and now it seems as if the current owners will reap the benefits.

The city of San Diego has rallied around the Padres as well, with the team seeing Petco Park attendance break records. Last season alone, the Padres finished second in MLB with an attendance of over 3.4 million, only trailing the Los Angeles Dodgers.

Bloom also reported that the Padres are hoping to have the sale finalized by June, giving a two-month window to get everything done. While there was initially only going to be two rounds of bids, Bloom reports that the team is considering a third round which could see the price get over $3.5 billion.

However, Dennis Lin of The Athletic indirectly refuted that last claim, saying the second round of bids was the final round and the sale process could be finalized by next week.

Lin still expects the Padres to shatter the $3 billion mark, and potentially reach $3.5 billion.

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