Major League Baseball’s team owners have unanimously approved the sale of the San Diego Padres to an investor group led by private equity billionaire José E. Feliciano and his wife and business partner, Kwanza Jones. The league announced the approval following a vote on Monday.

Feliciano and Jones had reached an agreement in May to acquire the Padres from the family of the late owner Peter Seidler, with the transaction valued at a Major League Baseball record $3.9 billion. The deal remains subject to the official closing, expected within the coming weeks.

MLB Commissioner Rob Manfred highlighted the significance of the ownership change, noting that Feliciano and Jones "understand the unique place the Padres hold in San Diego and the powerful bond between the club and its fans." He expressed anticipation for their leadership and the opportunity to further strengthen the franchise’s foundation in the important San Diego market.

The Seidler family announced their intention to explore a sale of the team in November, two years after Peter Seidler’s passing. Despite the ownership transition, Padres CEO Erik Greupner and General Manager A.J. Preller will continue managing the team’s day-to-day operations, according to the league’s statement.