Rival Owner Thought Padres Were Worth $2.5 Billion, Shocked by $3.9 Billion Sale

The San Diego Padres' reported sale price presents a paradox for owners of 29 other MLB teams.

On one hand, the sale could be a rising tide that lifts all boats. If the Padres, who play in the 30th-largest media market in the United States, are worth $3.9 billion in 2026, surely most MLB franchises are worth more. The figure will set an MLB record once the sale is officially approved by the league.

On the other hand, the Padres' sale price pokes a hole in the argument that any owner's financial picture is dire. That matters in a year when players and owners are headed into negotiations for a new collective bargaining agreement, with the current CBA set to expire Dec. 1.

Consider both perspectives when interpreting the reactions from around the league to news of the Padres' sale from the Seidler family to the husband-wife duo of José E. Feliciano and Kwanza Jones.

“That’s insane,” one executive told Bob Nightengale of USA Today.

“I’m floored,’ ” one owner said.

“The math makes no sense,” said another.

“Most people in financial circles felt the value was worth $2.5 billion," another owner told Nightengale, “at the most."

The reporter who broke the story, Jared Diamond of the Wall Street Journal, talked to people in financial circles himself. He did his best to explain the astronomical valuation of the Padres in a recent interview with Ben and Woods of 97.3-FM.

.@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 said 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."

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.

Regardless of what happens to the Padres' fortunes post-sale, their soon-to-be owners just made their peers in MLB much richer. And whether the math makes sense or not, they made it harder for any owner to cry poor in collective bargaining.

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