The Seidler family has hired boutique investment bank BDT & MSD Partners to explore a potential sale of the San Diego Padres, the team announced Thursday.
The move comes one day short of the second anniversary of the death of Peter Seidler, who had been Padres chairman since 2020.
“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,” John Seidler, San Diego Padres chairman, said in a statement.
The Padres won at least 90 games in back-to-back seasons in 2024 and 2025 for the first time in franchise history, but the club has been marred by fighting in the ownership suite since Peter’s death.
Peter’s widow, Sheel Kamal Seidler, sued his brothers, Bob and Matt, in Texas probate court. She contended the brothers breached fiduciary duties as trustees of a trust Peter established. One of the trusts’ key assets is the principal ownership stake in the Padres.
In February, MLB owners unanimously approved John Seidler as the team’s new control owner. Sheel’s lawsuit is ongoing.
Sportico valued the Padres at $2.31 billion in its 2025 MLB team valuations, which ranked No. 14. Its value was up 14% from the prior year, the third-biggest gain in baseball, as the franchise’s revenues soared after investments in star players produced strong results on the field. Attendance in 2025 was 3.44 million, which ranked second in baseball behind the Los Angeles Dodgers. Gross revenue topped $500 million this year, according to someone familiar with the team’s finances.
BDT co-led the sale process for the NBA’s Boston Celtics, but recent MLB history indicates BDT will face challenges as it takes the Padres to market. The Minnesota Twins were at least the third team in the last few years to run a formal process that included a potential control stake and not reach a deal. The Pohlad family settled on minority investment from two different groups this summer.
The Los Angeles Angels and Washington Nationals hired banks to explore their options in the past few years, and both ownership groups ultimately decided to keep their teams.
MLB valuation gains have lagged other major North American sports leagues. In Tampa, the Lightning sold for $1.8 billion, while MLB just approved Stu Sternberg’s $1.7 billion sale of the Rays. A hockey team selling for more than a baseball team in a southern market would have been unthinkable three years ago, but it speaks to the recent trajectory of the two leagues.
Bankers actually like MLB right now for its discounted values, versus other leagues. In Sportico’s team valuations, MLB teams are valued at 6.6 times revenue, compared to 8.4 (NHL), 10.3 (NFL) and 13.5 (NBA).
Baseball has made progress with rule changes that have sped up the pace of play, including a pitch clock and limits on pickoff moves. It’s coming off a blockbuster World Series between the Dodgers and Blue Jays that went the full seven games and featured all kinds of drama. MLB still offers more content than any other sport with its 162-game season.
But the league also faces major challenges, which are intertwined with revenue disparity, media distribution and looming labor negotiations.
The record sale price for an MLB franchise is $2.42 billion for Steve Cohen’s purchase of the New York Mets in 2020.
The current Padres ownership group, which includes at least 10 people or entities, bought the team in 2012 for $800 million. The largest stake of roughly 24% is held by the Peter Seidler Trust, with Sheel Seidler and her three children the beneficiaries.