The San Diego Padres, home to South Korean infielder Song Seong-mun, are set for an ownership change after Major League Baseball approved the franchise's sale.
MLB owners unanimously backed the acquisition by an investment group headed by private equity billionaire José E. Feliciano and his wife and business partner, Kwanza Jones, according to The Associated Press.
The deal follows an agreement reached in May between the group and the family of late Padres owner Peter Seidler. Feliciano and Jones will jointly head the ownership group, while Feliciano will serve as the club's controlling owner.
The transaction values the Padres at $3.9 billion, setting an MLB record. The previous high was Steve Cohen's $2.4 billion purchase of the New York Mets in 2020. Seidler and his partners acquired San Diego for about $800 million in 2012.
Feliciano, a Puerto Rico native and co-founder of Clearlake Capital, will become MLB's second Latino controlling owner after Los Angeles Angels owner Arte Moreno.
Feliciano and Jones said their ambition is to deliver San Diego its first World Series championship and establish a team capable of contending every year.
The Padres have made the postseason four times over the past six seasons and remain in the playoff race this year. They held a 67-58 record through Monday after winning 17 of their previous 24 games, putting them in a National League wild-card position.
A playoff berth this season would give San Diego three consecutive postseason appearances for the first time in franchise history.
The Padres, established in 1969, have reached the World Series twice but have yet to win a title. The franchise has also employed several South Korean players, including Park Chan-ho, Choi Ji-man and Kim Ha-seong, with Song currently in the organization.
The ownership transfer is expected to be finalized shortly.
(This article was produced with the assistance of AI. — Ed.)
khnews@heraldcorp.com