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Pistons owner among final bidders for Padres purchase
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- Pistons owner among final bidders for Padres purchase
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The race to purchase the San Diego Padres has narrowed to four final bidders, with Detroit Pistons owner Tom Gores now confirmed as a leading contender alongside groups headed by Joe Lacob, Jose E. Feliciano, and Dan Friedkin, The Athletic's Dennis Lin and Ken Rosenthal reported Wednesday. Five groups initially submitted offers, but only four advanced, with final bids expected in early to mid-April and a potential agreement later that month.
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Gores, 61, brings considerable financial backing to the process. With a net worth of $10.1 billion, Gores founded the Beverly Hills-based private equity firm Platinum Equity and, in 2011, acquired the Pistons for $325 million, becoming the team's sole owner by 2015. The franchise has since seen a dramatic rise in value, with Forbes estimating it at $3.65 billion and Sportico at $4.17 billion. In 2024, Gores also acquired a 27% stake in the NFL's Los Angeles Chargers.
The Padres are expected to command a record-breaking sale price. The franchise will reportedly exceed $3 billion, with projections suggesting it could surpass $3.5 billion. Such a figure would eclipse the current MLB record of $2.42 billion paid by Steve Cohen for the New York Mets in 2020. With a valuation of $3.1 billion by Forbes, the Padres have seen a 59% year-over-year jump, even as the team reportedly carries about $300 million in debt
The sale process began in November after the Seidler family opted to explore a transition of ownership. A group led by Ron Fowler and Peter Seidler originally purchased the franchise for $800 million in 2012. Following Peter Seidler's death in November 2023, control shifted to his brother John, who now oversees the family trust, the largest stakeholder.
San Diego's strong market, consistent attendance at Petco Park, and recent financial growth have intensified interest. The Padres have also reached the playoffs in four of the past six seasons, which has boosted their valuation as one of MLB's most attractive available assets.
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