Padres Could Sell for $3.5 Billion; MLB Insider Explains Why

The San Diego Padres are in the midst of a franchise sale that will shatter the previous Major League Baseball record.

In 2020, Steve Cohen bought the New York Mets for $2.4 billion. Six years later, a small market team in San Diego will rewrite the history books — by a significant margin.

With groups led by four billionaires finalizing their bids for the Padres, the team is expected to sell for at least $3 billion. However, over the last few weeks, the reported number has continued to grow.

Recently, The Athletic reported that the number could potentially reach $3.5 billion, which would be over $1 billion more than the Mets sold for just six years ago. MLB insider Ken Rosenthal revealed why the number has reached such astronomical levels in a recent appearance on Foul Territory.

“One, and maybe most of all, there are four groups here — most of them have California roots in some fashion or another. And you’re not seeing California teams come up for sale, so that’s a rare thing. And obviously California is a desirable place, San Diego is a desirable market with a beautiful ballpark," Rosenthal said on Foul Territory.

"But the Padres, also to their credit, [have put] themselves in this position where they are not really a small market team in terms of at least their attendance revenue anymore. … By the late Peter Seidler spending all the money that he did and committing to the players that he did, it has transformed the franchise. It has elevated them.”

It appears the Padres are going to sell at a very healthy number, says @Ken_Rosenthal.

"The report we had the other day, Dennis Lin and I, they're looking at possibly $3.5 billion." pic.twitter.com/3wwgA5GmJ6
— Foul Territory (@FoulTerritoryTV) March 27, 2026

The Padres have had a payroll inside the top 15 of MLB every year since 2020, including multiple seasons inside the top five. The sudden increase in spending has changed the franchise for the better, turning them into a perennial postseason contender with one of the highest attendance numbers in MLB.

The Padres have made the postseason in four of the last six seasons, and have put together back-to-back 90-win seasons for the first time in franchise history. They've been top five in attendance every year since 2021, ranking as high as No. 2 in 2025, only trailing the Los Angeles Dodgers.

The Padres have turned into a premier franchise in MLB, and the Seidler family will benefit with a massive sale that is likely to occur sometime in April.