The sale of the Padres will not be approved by Major League Baseball in time for the Aug. 3 trade deadline and there’s no timeline right now for the completion of that process, commissioner Rob Manfred said on Tuesday.
“I don’t have an answer to that,” Manfred told a gathering of the Baseball Writers’ Association of America in the hours prior to Tuesday’s All-Star Game at Citizens Bank Park. “We’re kind of passive on that one.”
Manfred indicated that the process is fluid and perhaps not as close to fruition as some people might have anticipated.
“It’s up to the buyer and seller to figure it out and get us documents that we can make a decision on,” he said. “We don’t ride herd on that. It’s a passive activity for us.”
The Seidler family announced May 2 they had selected Jose Feliciano, co-founder of a private equity firm and a European soccer club owner, and his wife, Kwanza Jones, a singer and songwriter, among four bidders vying to purchase the team. The valuation was set at $3.9 billion, an MLB record.
Manfred said the announcement might have been a bit premature, noting that Feliciano didn’t yet have the financing in place to support his offer.
“It’s a question of getting investment commitments nailed down, documentation to put it in that condition that it’s ready for a club vote,” Manfred said. “The only thing I’ve seen in that regard is that when the public becomes aware of a sale —and this one was earlier and quicker than most—this sometimes happens. Usually it becomes public when they’re a little closer to final documents, but they’ll get that work done.”
The MLB sale process is that potential buyers are vetted by an ownership committee, which then sends its recommendations on to the commissioner’s executive council of eight owners, which now consists of the Mets’ Steve Cohen, the Athletics’ John Fisher, the Giants’ Greg Johnson, the Guardians’ Paul Dolan, the Marlins’ Bruce Sherman, the Angels’ Arte Moreno, the Brewers’ Mark Attanasio and the Orioles’ David Rubenstein.
Once it passes muster there, the sale requires a 75% vote of the collective 30 owners for approval. By that time the vote is usually unanimous. There’s no reason right now to believe the Felicano bid will not ultimately be approved.
“As far as I know there’s no hold up at all legal or otherwise,” Manfred said.
The timing, though, leaves it unclear whether the Padres will be buyers or sellers at the trade deadline, only 18 days away. They come out of the break Friday night in Kansas City at .500 (48-48) and in third place in the National League West 12 1/2 games behind the two-time defending World Series champion Dodgers. They are only 3 1/2 games out in the race for the third and last NL Wild Card spot.
To that end, the Seidler family released a statement on Tuesday saying it’s “business as usual” for a club that’s seventh in the league with a $258.2 million payroll for luxury tax purposes and has contracts with Manny Machado, Fernando Tatis Jr., and Xander Bogaerts that last well into the 2030s.
The club is in serious need of starting pitching and some bats to bolster an anemic offense that’s last in the league in hitting with a .226 batting average and .672 OPS.
“Regardless of when the transaction closes, all decisions will be made in the best interests of the Padres,” John Seidler, the club’s control person, said.
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