Padres $3.9 billion sale gets MLB approval what makes it unique

The San Diego Padres’ record-setting change in ownership cleared its biggest remaining hurdle Monday.Major League Baseball owners unanimously approved the new ownership group led by José E.Feliciano and his wife and business partner, Kwanza Jones, paving the way for the pair to take control of the franchise once the $3.9 billion transaction formally closes in the coming weeks.

The valuation is the highest ever for the sale of an MLB franchise.Commissioner Rob Manfred used the occasion to recognize what the Seidler family built in San Diego — and the unusually strong relationship the Padres have developed with their market.“José and Kwanza understand the unique place the Padres hold in San Diego and the powerful bond between the Club and its fans,” Manfred said in MLB’s announcement.“We look forward to their leadership of the Padres and to working with them to build on the Club’s strong foundation in a market that is so important to Major League Baseball.”That foundation largely reflects the transformation that occurred under the late Peter Seidler.The Padres have reached the postseason four times in the past six seasons while Seidler’s ownership group aggressively invested in stars such as Manny Machado, Fernando Tatis Jr.

and Xander Bogaerts.Petco Park also became one of baseball’s biggest draws, with San Diego ranking second in MLB attendance in each of the previous two seasons.The franchise’s growth eventually produced a staggering return.

The Seidler family was part of the group that purchased the Padres for $800 million in 2012.Fourteen years later, the club is changing hands at nearly five times that valuation.Feliciano, co-founder of private equity firm Clearlake Capital and an investor in Chelsea FC, and Jones have already made clear they do not intend to lower expectations.“Our ambition is clear: to bring a World Series championship to San Diego and build an enduring organization capable of competing for championships year afte...