Kwanza Jones and José Feliciano Buy San Diego Padres in Record $3.9 Billion Deal
Kwanza Jones and her husband José E. Feliciano, a Clearlake Capital co-founder, are the Padres' new owners after an MLB-record $3.9 billion sale.
Who bought the Padres?
Kwanza Jones and José E. Feliciano, a married couple who met as students at Princeton, have bought the San Diego Padres. Jones graduated in 1993 and Feliciano in 1994, according to The Daily Princetonian.
Jones is the founder of SUPERCHARGED, an organization that owns sub-corporations focused on philanthropy, self-motivation and solution-building. Feliciano co-founded Clearlake Capital.
The couple gave $20 million to Princeton in 2020. The money helped support the university's undergraduate expansion and paid for the first campus buildings named after Black and Latino donors.
The price and the record
The sale price was $3.9 billion, the largest official team sale in MLB history, according to Sports Illustrated. The Padres were last sold in 2012 for $800 million.
A separate $4 billion sale of the Los Angeles Angels is still pending.
Sports ownership isn't new for them
In 2022, Clearlake joined Dodgers co-owner Todd Boehly in a consortium that bought Chelsea F.C. Earlier this month, Boehly and Mark Walter sold their stakes to Clearlake, which now owns the club outright.
"Whether it is Chelsea or any investment we make, there has to be passion," Feliciano told the Princetonian.
What they say they want
In a joint statement, the couple said their ambition is "to bring a World Series championship to San Diego." They also said they will listen to the existing front office, led by A.J. Preller, while bringing their own ideas.
The Padres have made the playoffs every year since 2022 except 2023. They reached the National League Championship Series in 2022. SI reports the team swept the Chicago Cubs in the wild-card round this season.
Petco Park has ranked in the top five in MLB attendance every year since the shortened 2020 season.
The financial challenge
SI notes that Fernando Tatis Jr., Manny Machado, Jackson Merrill and Xander Bogaerts are still owed a combined $810 million. Even in 2033, $116 million is still owed to the four. Right-hander Michael King must also decide whether to opt out of the last two years and $66 million of his contract.
An anonymous rival general manager told ESPN, "It's going to get ugly." Feliciano responded that he sees these things as opportunities.
What happens next
King will decide this offseason whether to opt out of the final two years and $66 million of his contract. The Angels' $4 billion sale is still pending.
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Quick answers
How much did the Padres sell for?
The sale price was $3.9 billion, an MLB record for an official team sale. The previous Padres sale, in 2012, was for $800 million.
Do the new Padres owners also own Chelsea?
Feliciano's firm, Clearlake Capital, now has full ownership of Chelsea. Boehly and Walter sold their stakes earlier this month.
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