San Diego Padres Set for $3.9 Billion Sale to José E. Feliciano

The Seidler family is set to sell the San Diego Padres to Clearlake co-founder José E. Feliciano and his wife Kwanza Jones for an MLB record of $3.9 billion, according to people familiar with the matter.

The winning offer beat out a competitive bidding process that included businessman Dan Friedkin and Golden State Warriors owner Joe Lacob. Multiple bids exceeded $3.5 billion, one of the people said. The deal is expect to be presented to the MLB and announced next week, another one of the people said.

Feliciano co-founded Clearlake Capital Group in 2006 with Behdad Eghbali. The firm ...