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Padres sold for jaw-dropping $3.9 billion price tag
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- Padres sold for jaw-dropping $3.9 billion price tag
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The San Diego Padres are showing that they're a profitable organization , as they plan on selling the franchise to private-equity billionaire José E. Feliciano and his wife Kwanza Jones for $3.9 billion, according to The Wall Street Journal.
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"The deal for the Padres, which have been owned by the Seidler family since 2012, is expected to be announced early next week, the people said," the journal wrote. "Feliciano, a co-founder and managing partner of Clearlake Capital, beat out a group of bidders that included Golden State Warriors owner Joe Lacob and businessman Dan Friedkin. Several bids were over $3.5 billion, some of the people said."
The deal is supposed to be the highest valuation ever achieved by a Major League Baseball team, with the previous record being Steve Cohen's purchase of the New York Mets in 2020, which was $2.4 billion.
Feliciano worked at Goldman Sachs before starting Clearlake in 2006 with managing partner Behdad Eghbali. Most of the investments made by the firm are in traditional technology, industrial and consumer businesses, but they also have one in sports. In 2022, they teamed up with investor Todd Boehly to buy Chelsea Football Club.
As for Jones, she is the CEO of Supercharged, a media and personal development company.
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It will be interesting to see if there are any major changes that will take place when Feliciano and Jones take over. The team itself is playing good baseball to start the season, as they're currently 13-6 and in second place in the NL West behind the Los Angeles Dodgers.
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