The Padres are set to have a new owner as José Feliciano is in the process of buying the controlling share of the franchise for a valuation of $3.9 billion. The number is eye-popping, as it shattered the MLB record Steve Cohen set when he bought the Mets for $2.4 billion in 2020. The sale price is an indication of the league’s health, but it’s unlikely to reset the market for MLB franchises for several specific reasons.
Under the Seidler family’s watch, the Padres have become one of MLB’s most competitive teams. They’ve reached the postseason in four of the past six years, and their rivalry with the Dodgers has been the most compelling in the league over that time. While that history is enough to pique buyers' interest, it’s not why the team is fetching a record price.
