MLB approves sale of San Diego Padres to José E. Feliciano and Kwanza Jones

Major League Baseball’s team owners unanimously have approved the sale of the San Diego Padres to an investor group led by private equity billionaire José E. Feliciano and his wife and business partner, Kwanza Jones.

The league announced the approval Monday after a vote. Feliciano and Jones reached an agreement in May to buy the Padres from the family of late owner Peter Seidler at an MLB-record valuation of $3.9 billion. The deal is still contingent on the official closing of the transaction in the coming weeks.

“José and Kwanza understand the unique place the Padres hold in San Diego and the powerful bond between the club and its fans,” Commissioner Rob Manfred said in a statement. “We look forward to their leadership of the Padres and to working with them to build on the club’s strong foundation in a market that is so important to Major League Baseball.”

Seidler’s family announced its intention to explore a sale of the Padres last November, two years after Peter Seidler’s death. The 53-year-old Feliciano, a co-founder of Santa Monica-based private equity firm Clearlake Capital, emerged from the competition as the Seidler family’s top choice.

Padres CEO Erik Greupner and general manager A.J. Preller will remain in charge of day-to-day operations, according to MLB’s announcement.