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The San Diego Padres are close to being sold to José E. Feliciano, Clearlake Capital co-founder and part of the Chelsea FC ownership group, and his wife Kwanza Jones for an MLB-record price of $3.9 billion, the Wall Street Journal reports. The deal is expected to be announced in the coming days.

Others in the final round of bidding to purchase the Padres included groups helmed by Dan Friedkin, owner of the English Premier League club Everton; Tom Gores, owner of the NBA's Detroit Pistons; and Joe Lacob, owner of the NBA's Golden State Warriors; the Athletic reports. According to the Journal, Feliciano's net worth is the same as the sale price -- $3.9 billion.

If finalized, the purchase would complete a process that began in earnest last November, when John Seidler and rest of the Padres ownership group announced plans to sell the franchise. The Padres' ownership situation has been uncertain since the death of beloved owner Peter Seidler in November of 2023. Following Peter Seidler's passing, infighting and lawsuits plagued the leadership transition.

If indeed the reported $3.9 billion sale price comes to pass, it would by a large margin be the largest sales price of a franchise in MLB history. The current record belongs to the New York Mets and the $2.4 billion that current owner Steve Cohen paid for the club in 2020. In March of this year, Forbes valuated the Padres at $3.1 billion. The group of which Peter Seidler was originally part of purchased the club for $800 million in 2012.

Peter Seidler's ownership of the Padres was characterized by aggressive spending on player payroll that far outstripped the club's market size and led roster that was powered by stars and regularly in contention. Spending has been less aggressive since Peter Seidler's death. Just after his passing, the Padres' Opening Day payroll, according to Cot's Contracts, slipped from $248.9 million (third in MLB) in 2023 to $164.5 million (14th in MLB) in 2024. The payroll since has increased somewhat but not to the levels seen during Peter Seidler's final years as principal owner. This season, the Padres rank 10th among MLB's 30 teams with an Opening Day payroll of $201 million.

On the field, the Padres have qualified for the postseason in four of the last six years, and they advanced to the National League Championship Series in 2022. However, the Padres remain one of five MLB franchises that have never won a World Series. The Padres previously won pennants in 1984 and 1998.

This season, San Diego under first-year manager Craig Stammen are 13-6 and in second place in the NL West. They enter Friday night's road game against the Los Angeles Angels having won eight games in a row.