Warriors owner among five potential buyers bid on Padres as club’s sale reaches next stage
PEORIA, Ariz. — The Seidler family’s exploration of a sale is moving full steam ahead toward an actual sale of the Padres.
Five “very strong” bids have been submitted by prospective buyers, according to a source who spoke on the condition of anonymity because they were not authorized to discuss the matter publicly. That source and one other person familiar with the process said multiple bidders will move on to the next round of vetting in the sale process.
The team will likely change hands within the first month or so of the season, and it is conceivable a sale could be completed by the end of March, according to people familiar with the process. Opening day is March 26.
“This process is moving very quickly,” one source said.
Before Thursday, three suitors for the Padres became public: Jose E. Feliciano, Dan Friedkin and Joe Lacob.
Feliciano, a native of Puerto Rico and founding partner of ClearLake Capital, which has its headquarters in Santa Monica, is the principal owner of the Premier League soccer club Chelsea. Friedkin, who was born in San Diego and lives in Texas, is the principal stakeholder in Serie A club Roma and Everton of the Premier League. Lacob, a Bay Area resident, is the principal stakeholder in the NBA’s Golden State Warriors.
Additionally, The Athletic reported Thursday that Carlsbad-based Vuori CEO Joe Kudla has partnered with former NFL quarterback Drew Brees to lead one of the five groups bidding for the Padres. Brees, who was elected to the NFL Hall of Fame this month, began his career with the then-San Diego Chargers.
The identity of the fifth bidder is unknown.
The Seidler family announced in November that it was exploring a sale of the Padres, something that had been considered a possibility since the death of chairman Peter Seidler in November 2023.
People familiar with the valuations of MLB franchises that have sold recently estimate the Padres will fetch a price north of $2.5 billion. That would break the record $2.4 billion paid for the Mets in 2020.
Peter Seidler and Ron Fowler headed a group that bought the team from John Moores for $800 million in 2012. That price included the assumption of $200 million in debt and $200 million Moores took off the top from what was then a recently signed $1.2 billion local television deal.
Members of the Seidler family collectively own less than 50% of the team. That includes the 24% controlled by Peter Seidler’s trust, of which his widow, Sheel, and their three children are the beneficiaries.
The trust’s stake is the largest portion held by any single owner. There are between 10 and 12 people or entities that comprise the ownership group, all of which have the right to sell their stakes in this process.
John Seidler, Peter Seidler’s oldest brother, has served as the Padres’ control person since February 2025.
His ascension to chairman came after Eric Kutsenda, Peter Seidler’s longtime business partner, served as interim control person for a year after Peter Seidler’s death.
The Padres announced their intention for John Seidler to take over as chairman in December 2024.
In January 2025, Sheel Seidler sued Matt and Robert Seidler, the current and former trustees of her husband’s trust, alleging they had defrauded her and that she should be the team’s control person. She did so despite Peter Seidler’s trusts naming his brothers as successor trustees and stipulating that the trustee of his trusts would be the Padres’ control person.
Much of that suit was dropped earlier this month. The parts of the suit not settled were her claims the trustees have failed to properly manage the trust and that she has not received all the income she is due.
This article was updated to correct the record sale price of an MLB team. It was later updated to include reports of Joe Kudla and Drew Brees being bidders.