Owners thrilled with 'family investment' of San Diego Padres

SAN DIEGO -- As part of an energetic news conference that signaled a new era for the San Diego Padres, co-owners Jose E. Feliciano and Kwanza Jones called their purchase of the franchise a "family investment" and vowed to spend "ambitiously" yet "judiciously."

"We have been blessed with a team in a city that is supporting us in a way that is allowing us to invest back in that team, in that stadium, in that city," Feliciano said in his formal introduction inside a Petco Park interview room Monday. "We're committed to doing that. We are going to live within our means. That can mean different things in different years. But we wanna win. And we're going to continue to support that goal in many different ways. That means that at some points, we will be aggressive. But we're always going to do it while keeping the long-term health of the team in mind. I think those are things that we're going to balance."

Feliciano and Jones, a husband-and-wife duo with ties to a private-equity firm and the English Premier League, agreed to purchase the Padres for a record $3.9 billion valuation around the middle of April and were unanimously approved by Major League Baseball's 29 other owners last Monday.

Feliciano, a Puerto Rican businessman and investor, was designated control person, but Jones, a former Division I track athlete who founded her own media and personal development company, will have just as much a say in the direction of the franchise. In an hour-long media session -- one that kicked off with a song Jones wrote and recorded herself and ended with her and her husband donning customized Padres jerseys -- the couple often talked about carrying on the legacy of late owner Peter Seidler.

To what extent remains to be seen.

Between becoming the control person in November 2020 and dying in November 2023, Seidler spent at record levels and took the Padres' popularity to new heights. But in the years since, while under the control of longtime business partner Eric Kutsenda and later one of his siblings, John Seidler, the Padres have scaled back payroll, limiting general manager A.J. Preller in his quest to build the first World Series champion in franchise history.

Feliciano and Jones did not go into specifics on the payroll Monday, which despite another frugal offseason sits at roughly $220 million, ninth in the majors.

But they made their intentions clear.

"We need to win the World Series," Feliciano said. "It's that simple. That's what we're going to do."

Feliciano is the co-founder and managing partner of Clearlake Capital Group, a private-equity firm that is based in Santa Monica, California, and is focused on the industrial, technology and consumer sectors. Through that firm, Feliciano also co-owns Chelsea football club in the EPL. Jones and Feliciano, who met while attending Princeton University, also co-founded the Kwanza Jones & Jose E. Feliciano Initiative, an investment and philanthropic organization committed to various efforts.

Jones and Feliciano's stake in the Padres is over 40%, according to a source. Others making up the ownership group, according to a source, include: Joey and Jesse Buss, the youngest sons of former Los Angeles Lakers owner Dr. Jerry Buss; Alfredo Harp Helu, also a minority owner under the previous regime; Behdad Eghbali, who co-founded Clearlake alongside Feliciano; Padres CEO Erik Greupner; and members of the Seidler family who have retained a stake in the team.

There has been a recent wave of private equity taking over professional sports, prompting franchises to focus on maximizing profits and leaving local fans feeling squeezed out. But Feliciano and Jones stressed that Clearlake will not be involved with the Padres. Their comments suggest they see the franchise as an integral part of the community.

"That's the reason we say we're family first -- because the lens with which we look at this investment is very, very different," Jones said, comparing the couple's purchase of the Padres with her husband's affiliation with Clearlake. "The commitment is very different. The outcomes that we know we want -- you always want outsized outcomes, but in here, we really are dedicated and committed to something beyond just a financial outcome."

The Padres have surged to a 15-6 start to August and are currently on pace to reach the postseason for the third straight year. But the franchise is still seeking its first trip to the World Series since 1998 and its first championship since its inception in 1969.

Fourteen years ago, a group led by Ron Fowler and Seidler, the nephew of former Los Angeles Dodgers owner Peter O'Malley, purchased the Padres for an $800 million valuation. Now, the Padres have sold for nearly five times that amount. Their collection of stars -- Manny Machado, Fernando Tatis Jr., Jackson Merrill and Mason Miller now, the likes of Juan Soto and Blake Snell before them -- helped them continually set franchise records in attendance. Their current financial picture, hindered by bloated contracts and the lack of a local-media contract, clearly did not dilute the franchise's value.

Where Jones and Feliciano take the Padres next remains to be seen.

"I can't think of a better fit for where we need to go as an organization," said Greupner, who has been with the organization since 2010. "I think we've accomplished a lot. Obviously we have not yet accomplished our ultimate goal. And I think to take us there, there's no better match than Jose and Kwanza. We're all just incredibly excited to keep doing what we're doing here. Working in professional sports and baseball in San Diego -- doesn't get much better than that."

Click here to read article