Padres strike deal to sell to investor group led by private equity billionaire, vows World Series championship

The San Diego Padres are expected to come under new ownership soon.

On Saturday, the MLB franchise reached an agreement to sell a controlling interest in the team to an investor group led by Puerto Rican businessman José E. Feliciano and his wife, Kwanza Jones.

The family of late owner Peter Seidler, which makes up the Padres’ current ownership group, confirmed the deal. The decision to offload the team comes three years after Seidler’s death. John Seidler has served as the Padres’ chairman since his brother died.