Reporter Who Broke Story of Padres' Sale Explains $3.9 Billion Sale Price

The San Diego Padres made headlines in the sports and business sections of websites and newspapers across the United States on Friday with their eye-popping sale price.

At approximately $3.9 billion, the expected purchase of the team by the husband-wife duo of José E. Feliciano and Kwanza Jones will set an MLB record once it is complete.

The reporter who broke the story, Jared Diamond of the Wall Street Journal, explained why the Padres, who play in the 30th-largest media market in the United States, were able to break the record.

.@jareddiamond joined @BenAndWoods to share some additional context on the dynamic and impact of having Jose E. Feliciano and Kwanza Jones reportedly buying the Padres: pic.twitter.com/9WfUt0OUX4
— 97.3 The Fan (@973TheFanSD) April 17, 2026

"In general it just shows that there was this much interest in the Padres, just shows how desirable of a franchise [it is]," Diamond told Ben and Woods on 97.3-FM The Fan on Friday. "They play in San Diego. They play in a city where they're the only show in town when it comes to major professional sports. [They] play in one of the best ballparks in the game, in a ballpark that is used 365 days of the year because of the incredible weather in San Diego.

"That's why the team sold for $3.9 billion, because people with a lot of money see San Diego, they see the Padres, they see them winning, they see the ballpark, they see the city and go 'that is a place where I can really build something and grow something.'

"Peter Seidler saw that. You hope that José Feliciano sees it too."

The bidding came down to the wire, with four groups in the running prior to Friday's report.

According to Barry Bloom, writing in the Times of San Diego, all four parties submitted a second round of bids on Tuesday and all approached the $3.5 billion mark.

The previous record purchase price for an MLB franchise was set in 2020, when Steve Cohen purchased the New York Mets for approximately $2.4 billion.

Coming up with that kind of money was clearly no obstacle for any of the four groups. José Feliciano has some experience owning a major professional sports franchise. He is a co-founder of Clearlake Capital, the private equity firm that owns a large stake in English Premier League club Chelsea FC.

Besides the money, Padres general manager A.J. Preller hopes that the new owners share at least one other trait with Seidler, the former owner who passed away in 2023.

Part of a one-on-one interview with @Padres GM and President of baseball operations AJ Preller. #ForTheFaithful #Padres #MLB pic.twitter.com/P2g3cZ8NNZ
— Jake Garegnani (@JakeGaregnani) April 12, 2026

"I think the biggest thing that all Padre fans, the Friar Faithful and myself [want] is a group that loves the game of baseball, loves the city of San Diego and wants to bring a winner here," Preller told Jake Garegnani of CBS8 San Diego. "There's a lot of different ways to do that but the biggest thing [about] Peter Seidler, Ron Fowler and that group: they love baseball."

"That's the reason I came here and wanted to be here," Preller continued. "You see it with the fan base. I think when you have that synergy, that back and forth, from an organization and have an owner that's the leader that truly loves the game of baseball."

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