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San Diego Padres are nearing a whopping sale, AP source says

By The Associated Press

ANAHEIM, Calif. (AP) — The family of late San Diego Padres owner Peter Seidler is nearing a sale of the team, a person with knowledge of the negotiations told The Associated Press on Friday.

The person spoke on condition of anonymity because the Padres aren’t commenting publicly on the process.

The Wall Street Journal first reported the imminent deal with private equity billionaire Jose E. Feliciano and his wife, Kwanza Jones. The team is expected to be sold at a valuation of $3.9 billion in a record deal for a Major League Baseball team, easily topping the approximately $2.4 billion paid by Steven Cohen for the New York Mets in 2020.

The 53-year-old Feliciano is the co-founder and managing partner of Clearlake Capital, a private equity firm based in Santa Monica, California. The firm was part of an investment group that purchased Premier League club Chelsea in 2022, with Los Angeles Dodgers minority owner Todd Boehly becoming the Blues’ chairman.

Seidler’s family began to explore a sale of the Padres last November, two years after the death of the popular Peter Seidler. His brother, John Seidler, has served as the Padres’ chairman since then.

Peter Seidler was part of a group that bought the Padres in 2012 for $800 million, and he became the team’s primary owner in 2020. He enthralled San Diego’s baseball fans with his free-spending eagerness to win the Padres’ first World Series, and general manager A.J. Preller built a series of exciting teams that have reached the MLB playoffs in four of the last six seasons — a first in team history — despite playing in the same division as the dominant Dodgers.

The Padres’ current players reacted with excitement about the news of the potential sale to Feliciano — and the reported size of the billionaire’s deal particularly caught these millionaires’ attention.

“I think it’s special that they went out there and put that number out there for us,” slugger Manny Machado said in Anaheim before the Padres opened a series with the Los Angeles Angels. “Tells you everything they want for the organization. Looking forward to some conversations with them, and what they see for the future of San Diego. … That’s a big stepping stone, $3.9 billion.”

The Padres’ potential sale price reflects their value as San Diego’s only franchise in North America’s four traditional major sports leagues, leading to a passionate fan base in their attractive home at downtown Petco Park. The Padres have set attendance records in each of the past three seasons, capped last season by drawing a whopping 3,437,201 fans — the second-most in the majors to the Dodgers, who play in their much larger stadium in Chavez Ravine.

“You look at what’s going on in our city and just the state of baseball in general, and this game is in an amazing place,” said infielder Jake Cronenworth, who has been with the Padres since 2020. “For the market that we’re in, and what the team just sold for, I think it shows where the game is. Not only is it close to $4 billion, but for it to break the record is very, very impressive.”

The Padres finished last season with the majors’ ninth-highest payroll at around $217 million, still down significantly from its peak under Seidler.

The current team, which arrived at Angel Stadium on an eight-game winning streak, boasts a lineup anchored by Fernando Tatis Jr., Machado and Jackson Merrill — who are all signed through at least 2033 — along with closer Mason Miller, who has become the most dominant reliever in baseball.

Potential buyers also were clearly not frightened off by the Padres’ relative lack of media revenue. The team is expected to benefit immensely from any new media deal that would accompany baseball’s next collective bargaining agreement.

Feliciano was born and raised in Puerto Rico before attending Princeton and Stanford. He co-founded Clearlake Capital two decades ago.

Machado, a Miami native with Dominican ancestry, was excited by the prospect of a second Latino owner in baseball alongside the Angels’ Arte Moreno. Machado holds a minority ownership stake in Major League Soccer’s San Diego FC.

“That is unbelievable, having another Latin come and be an owner,” Machado said. “I think that tells you a lot about where baseball is heading. Blessed to have another Latin owner that can bring that Latin culture to San Diego, which is already a big part of the Latin community. I know he’s going to bring a lot of great things to the organization, to the city itself.”

The BlueCo consortium formed to buy Chelsea also owns Strasbourg in France’s Ligue 1. Chelsea has been among the Premier League’s biggest spenders since Boehly and his partners took over the club, although it has yet to produce significant success.

Any sale of the Padres must be approved by 75% of MLB owners.

___

AP MLB: https://apnews.com/MLB

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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