Final bids in Padres' sale process expected in April; 4 groups in running: Sources

PEORIA, Ariz. — The San Diego Padres’ ownership sweepstakes is entering its decisive phase, with four prospective buyer groups poised to submit final offers in early to mid-April, according to multiple sources familiar with the negotiations. The second-round bids, anticipated during the second week of next month, could value the franchise at roughly $3 billion—an MLB record that would eclipse the $2.42 billion Steve Cohen paid for the New York Mets in 2020.

Five groups delivered first-round bids by the Feb. 25 deadline. After a week of meetings at the club’s spring-training headquarters here, the field has been trimmed to four finalists, each notified this week that it remains in contention, one source said. The San Diego Union-Tribune first reported the on-site sessions at the Peoria Sports Complex; the Padres declined to comment.

Private-equity billionaire José E. Feliciano, Houston-based automotive titan Dan Friedkin and Golden State Warriors owner Joe Lacob have previously been identified as serious suitors. Feliciano’s Clearlake Capital partnered with Dodgers part-owner Todd Boehly in the 2022 purchase of Chelsea Football Club for $5.3 billion. Friedkin, a San Diego native, already controls Everton, AS Roma and AS Cannes and recently formed Pursuit Sports to explore North American expansion. Lacob, who bought the Warriors in 2010, has pursued MLB franchises for decades, targeting the Dodgers, Angels and Athletics in past cycles.

While the identities of the fourth finalist have not been disclosed, Hall of Fame quarterback Drew Brees and Vuori founder Joe Kudla—both with strong San Diego ties—have expressed interest in joining an ownership coalition, The Athletic reported last month.

With final bids looming, negotiations could extend beyond the mid-April target, but the process now appears firmly on the league’s front burner.