The Seidler family’s efforts to sell the Padres appear to have accelerated in recent weeks. Sheel Seidler, widow of former Padres owner Peter Seidler, dropped or settled most of her litigation against Peter Seidler’s brothers earlier this month. That cleared the way for the family to ramp up a sales process that began in November.
Kevin Acee of The San Diego Union-Tribune reports that five prospective buyers have submitted bids. Previous reporting had identified Joe Lacob, José E. Feliciano and Dan Friedkin as suitors.
Lacob, the owner of the NBA’s Golden State Warriors, had previously shown interest in buying the Angels and Athletics. Feliciano is a Santa Monica-based private equity mogul whose firm is a lead owner of the English Premier League team, Chelsea F.C. Friedkin was born in San Diego but is now based out of Texas. He has various business interests and also owns a Premier League club, the Liverpool-based Everton F.C.
Most American sports fans will be more familiar with another potential buyer. Dennis Lin and Ken Rosenthal of The Athletic reported this afternoon that Hall of Fame quarterback Drew Brees has partnered with Vuori CEO Joe Kudla to make a run at buying the franchise. Vuori is a San Diego-based clothing company that specializes in athleisure. Brees played the first five seasons of his career with the Chargers.
Assuming Lacob, Feliciano, Friedkin and the Kudla/Brees groups have made offers, that’d be 80% of what seems to be the remaining field. The identity of the final bidder isn’t known.
Earlier this month, Sportico estimated the franchise value around $2.31 billion. It seems the Seidler family is aiming a fair bit higher. Acee writes that people within the industry anticipate the sale price will land north of $2.5 billion. Rosenthal and Lin report that the Seidlers are seeking a purchase price closer to $3 billion than to the estimation from Sportico.
Anything north of $2.5 billion would be a record for an MLB franchise. Steve Cohen’s 2020 purchase of the Mets from the Wilpon family was for roughly $2.475 billion. That remains the high-water mark. More recent sales of the Orioles and Rays have landed in the $1.7 billion range. Peter Seidler’s group purchased the Padres for $800MM in 2012. The reports from the Union-Tribune and The Athletic — each of which are worth a full read for San Diego fans — suggest an agreement could be reached around Opening Day.
