The San Diego Padres are nearing a sale for approximately $3.9 billion, according to multiple reports, a deal that would establish a new record for the highest price paid for a Major League Baseball franchise.

Private-equity billionaire José E. Feliciano and his wife, Kwanza Jones, are reportedly the buyers in the transaction that is in the process of being finalized. The reported purchase price represents a significant increase from previous MLB team sales.

The $3.9 billion valuation would surpass the previous record by nearly $1.5 billion. Steve Cohen purchased the New York Mets in 2020 for approximately $2.4 billion, which had been the highest price paid for an MLB team at that time.

The Padres sale reflects the continuing trend of rising franchise valuations across Major League Baseball. Team values have increased substantially over the past decade, driven by factors including media rights deals, stadium revenues, and growing interest from wealthy investors.

The transaction, while reportedly close to completion, has not yet been officially announced by the team or MLB. League approval would be required before any ownership change could be finalized.