A day before the second anniversary of Peter Seidler’s death, the family of the late San Diego Padres owner announced it had begun exploring its options.
One possible outcome: a sale of the team that Seidler purchased in 2012 and helped usher into an era of unusual prominence. In addition to several onerous player contracts, the Padres are carrying roughly $300 million in debt, according to league sources.
“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, Peter’s older brother, said in a statement Thursday. “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.”
An eventual sale, or at least the exploration of one, had been widely predicted even before Peter Seidler’s widow, Sheel Seidler, filed a lawsuit in January contesting control of the franchise. That suit remains pending.
Peter Seidler died of an infection related to a compromised immune system on Nov. 14, 2023. Since then, the Padres have experienced a rare confluence of on-field success and record attendance. San Diego won 93 games in 2024 and 90 games in 2025, reaching the latter threshold in consecutive years for the first time in club history. Petco Park drew 3.4 million fans last season, eclipsing the benchmark set a year earlier.
However, the Padres’ payroll was significantly reduced from its 2023 peak of $255 million, with much of it continuing to go to Manny Machado, Fernando Tatis Jr. and Xander Bogaerts. Those three players will combine to make approximately $800 million over the remainder of their contracts, which were authorized by Peter Seidler. Another member of the roster, Yu Darvish, is owed more than $40 million after undergoing a third elbow surgery at age 39.
Such long-term commitments, combined with labor unrest and the demise of the Padres’ regional sports network, make it an interesting time to consider a possible sale. The Tampa Bay Rays were sold this year for $1.7 billion. The Baltimore Orioles went for $1.725 billion in 2024. The Los Angeles Angels, Washington Nationals and Minnesota Twins were put up for sale in recent years and later pulled off the market. The Twins’ Pohlad family reversed course this summer after attempting for months to secure a reported asking price of $1.7 billion.
Forbes in March estimated the Padres’ worth at $1.95 billion — more than double the $800 million sale price in 2012, when Seidler and San Diego businessman Ron Fowler led a group that bought the team.
It is not known how much of the franchise the Seidler family is seeking to sell.
According to league sources, the largest ownership stake — about 24 percent — is held in Peter Seidler’s trust, with Sheel Seidler and the couple’s three children as the beneficiaries. The Seidler family, which includes Peter’s mother, siblings and extended family, and members of the private-equity firm Peter co-founded collectively own close to 20 percent. Mexican businessman Alfredo Harp Helú, who has a longstanding relationship with Peter’s uncle, former Los Angeles Dodgers owner Peter O’Malley, is believed to hold a similarly sized stake.
Early this year, Sheel Seidler filed a suit in Texas probate court, alleging that Matt and Bob Seidler, as trustees of Peter Seidler’s trust, engaged in fraud and breaches of fiduciary duty and unlawfully denied her the opportunity to succeed her late husband as the Padres’ control person. Major League Baseball’s owners later unanimously approved John Seidler, the current trustee of Peter Seidler’s trust, as Padres chairman.
Thursday, despite efforts to reassure dependents and supporters, renewed uncertainty hung over the organization.
In a letter addressed to fans, John Seidler said the Padres would continue to pursue their first World Series title in 2026. He added that the Seidler family is “also committed to finding a new steward for the franchise who shares Peter’s vision: continue to field a consistently competitive team and win a World Series championship for San Diego. We have every expectation that the new owner will build on the momentum we have built together and operate the franchise and ballpark in a first-class manner, the way our current leadership team does.”
MLB owners unanimously approved John Seidler as the Padres’ control person in February. (Sean M. Haffey / Getty Images)
In a conference call with employees later in the morning, according to team sources, Padres CEO Erik Greupner echoed Seidler’s message and said the organization’s leadership would remain in place. Greupner, who runs San Diego’s business operations, was extended last year through at least the 2029 season. He continues to hold an ownership stake that he originally secured while working under Peter Seidler.
Meanwhile, another longtime executive remains in contractual limbo. President of baseball operations A.J. Preller, now in the final year of his deal, has spoken in recent weeks with John Seidler about an extension that several team and league sources still expect to be finalized later this offseason. Preller last week made a sixth managerial hire with a three-year deal that will take Craig Stammen through 2028.
Still, Preller’s lack of a completed extension has been a source of unease for some in the organization. The general manager was a favorite of Peter Seidler’s, with the late owner twice extending Preller amid widespread criticism of limited on-field success and frequent managerial turnover. Preller has arguably done his finest work since Seidler’s death, but without the unwavering support and unprecedented resources Seidler afforded him.
FanGraphs estimates the Padres, before filling obvious needs for starting pitching and a corner bat, are carrying a 2026 payroll of $201 million. San Diego ended last season at $211 million, and team sources indicate that next year’s target could fall in the same neighborhood.
For now, the team’s options for acquiring roster upgrades or financial relief appear limited. Machado, Tatis and Bogaerts all have full no-trade clauses. Veteran infielder Jake Cronenworth has partial no-trade protection. Team executives do not anticipate moving Tatis, 26, in the next year, but many throughout the industry believe the Padres eventually will be compelled to entertain that possibility.
Beginning in 2027, Machado, Tatis and Bogaerts will combine to account for roughly $90 million in annual payroll. In 2029, that figure will jump to just over $100 million.
The Seidler family has retained merchant bank BDT & MSD Partners to oversee the exploration of a sale. John Seidler said the family and the Padres do not intend to comment further until the process is concluded. Earlier this year, BDT & MSD served as the financial advisor for the Chicago White Sox and chairman Jerry Reinsdorf in a deal that established a framework for minority owner Justin Ishbia to obtain a future controlling interest in the White Sox.
In a statement Thursday, MLB commissioner Rob Manfred said: “The Seidlers have been great stewards for the San Diego Padres, fielding amazing teams and building a loyal fan base that makes the atmosphere at Petco electric. I am certain that John Seidler will select a new owner who will continue the Padres winning tradition in San Diego.”
