Feliciano and Jones Acquire Controlling Stake in San Diego Padres

Clearlake Capital co-founder José E. Feliciano and his wife, Kwanza Jones, acquired a controlling 45 percent stake in the San Diego Padres at a Major League Baseball record valuation of $3.9 billion on August 24, 2026.

The husband-and-wife duo committed nearly $2 billion of their personal fortune to buy the stake, which is almost double the personal holding of the late owner Peter Seidler. The purchase broke the previous MLB record set by Steve Cohen when he purchased the New York Mets for $2.4 billion in 2020.

According to the San Diego Union-Tribune, league regulations require one designated control person, a role Feliciano will initially hold for Major League Baseball operations. However, the couple intends to run the organization as a joint partnership.

Feliciano emphasized that the personal investment differs from Clearlake Capital's corporate acquisition of Premier League club Chelsea FC, noting that private equity operations rely on finite investment periods with managed funds.

"The time horizon here is measured in decades, not years," Feliciano said. "We’re thinking not just about today, but about the next generation and the one after that. That fundamentally changes how you make decisions."

The new owners plan to remain actively involved in major organizational decisions while maintaining existing leadership in the front office.

"With the tremendous amount of research and due diligence we did as part of this investment, it was really, really important to make sure we got a good feel for the strength of the leadership that’s in place," Jones said. "Erik (Greupner) and A.J. (Preller) and the rest of the team have done a phenomenal job. We’re not coming in to micromanage a successful organization. Instead, we’re here to be engaged, provide resources, and build on what’s working"

Prior to the official announcement, the incoming owners informally approved midseason roster additions, including pitchers Robbie Ray and Casey Mize at the trade deadline.

"We’re going to be ambitious with our spending. We are also going to be judicious and disciplined. We will be thoughtful how we deploy resources, but there should be no question about our ambition," Feliciano said.

Both Feliciano and Jones reiterated their primary goal for the franchise in unison.

"We want to win," Feliciano and Jones said.

The investment follows a multi-year effort initiated by previous ownership under Ron Fowler and Peter Seidler, who shifted the small-market franchise into a high-payroll competitor. Under Seidler, who passed away in 2023 at age 63, the club signed major free agents including Manny Machado to a 10-year, $300 million deal in 2019 and Xander Bogaerts to an 11-year, $280 million contract.

The organization's financial trajectory led to a internal family legal dispute over control of the franchise following Seidler's death, which ultimately resulted in placing the team up for sale. Chief Executive Officer Erik Greupner noted that increasing the franchise's resale value was never the original objective of the front office strategy.

"Part of our thinking as an organization," Seidler said in 2023, "is we just believe in the future of Major League Baseball."

Feliciano and Jones will be formally introduced as the new lead owners during a press conference at Petco Park.