LAS VEGAS — The San Diego Padres, who are about $300 million in debt, are exploring the possibility of selling the franchise, the team announced Thursday at the end of the GM Meetings.
The potential sale comes two years nearly to the day, Nov. 14, 2023, that owner Peter Seidler died.
“The family has decided to begin a process of evaluating our future with the Padres, including a potential sale of the franchise,” Padres chairman John Seidler, the older brother of Peter, said in a statement. “We will undertake this process with integrity and professionalism in a way that honors Peter’s legacy and love for the Padres and lays the foundation for the franchise’s long-term success.
“During the process and as we prepare for the 2026 season, the Padres will continue to focus on its players, employees, fans, and community while putting every resource into winning a World Series championship. We remain fully committed to this team, its fans, and the San Diego community.”
The news of the sale was expected by MLB officials and owners considering that the team was in debt, even with their 3.4 million in attendance last season, second only to the Los Angeles Dodgers.
The team, which was sold for $800 million in 2012, is now worth an estimated $1.9 billion, according to Forbes, but the timing may not be ideal considering the Padres lost their local TV contract and the collective bargaining agreement expires on Dec. 1, 2026.
The current ownership group of about 10 people or entities assumed control of the team in 2012, but Sheel Seidler, Peter Seidler’s widow, filed a lawsuit in January challenging control of the team. Yet, John Seidler, trustee of his brother’s trust, was approved as the Padres’ ownership group in February.
The Padres say that the potential sale will not affect their team or budget this season, but rival owners and GMs believe that the Padres will eventually have no choice but to shred their payroll in the future, including a potential trade of All-Star right fielder Fernando Tatis Jr. or another player with a long-term contract. T
he Padres say they won’t trade Tatis this winter, but he is owed about $290 million with nine years remaining on his contract. They also owe All-Star third baseman Manny Machado about $298 million over the next eight seasons and shortstop Xander Bogaerts $203 million over eight years.
The Padres have been one of baseball’s most successful franchises in recent years, reaching the postseason in four of the last six seasons. They last reached the World Series in 1998 but have never won the title.
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