San Diego Padres Expected to Set MLB Sale Price Record

The small-market team could fetch close to $3 billion, surpassing the New York Mets' 2020 sale price.

Mar. 12, 2026 at 4:50pm

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The San Diego Padres are expected to be sold for close to $3 billion in the next couple of months, which would set a new MLB franchise sale price record. The Padres, who have never won a World Series since joining the National League in 1969, have built up a lucrative non-baseball business at their Petco Park stadium, hosting concerts and other events. This, combined with the recent $1.7 billion sale of the Tampa Bay Rays, has positioned the Padres to potentially shatter even the New York Yankees' and Los Angeles Dodgers' valuations as the most valuable MLB franchises.

Why it matters

The Padres' expected record-breaking sale price highlights the increasing importance of non-baseball revenue streams for MLB teams, as owners look to maximize their returns beyond just the on-field performance of their clubs. This trend could have broader implications for the future of the league, as teams focus more on diversifying their business models and leveraging their stadium assets.

The details

According to CNBC's Mike Ozanian, the Padres' sale price is expected to be close to $3 billion, surpassing the $2.4 billion that hedge fund manager Steve Cohen paid for the New York Mets in 2020. The Padres have been able to drive significant non-baseball revenue at their Petco Park stadium, hosting concerts and other events in addition to their baseball games. This has helped offset the team's relatively small market size, as the 30th-largest media market in North America. The Padres' sale is also being timed well, coming on the heels of the $1.7 billion sale of the Tampa Bay Rays last year.

  • The Padres are expected to be sold in the next couple of months.
  • The New York Mets were sold to Steve Cohen for $2.4 billion in November 2020.

The players

Steve Cohen

A hedge fund manager who bought a majority stake in the New York Mets in November 2020 for $2.4 billion.

Mike Ozanian

A reporter for CNBC who reported on the expected Padres sale price.

Patrick Zalupski

The new owner of the Tampa Bay Rays, who purchased the team for a reported $1.7 billion in July 2022.

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What they’re saying

“One of the reasons why is they've really built up their non-baseball business. Concerts, all these other events that they have at Petco Park. Now they're helping other teams and parks do the same thing.”

— Mike Ozanian, CNBC reporter

What’s next

The Padres' sale is expected to be finalized in the next couple of months, potentially setting a new record for the highest price paid for an MLB franchise.

The takeaway

The Padres' expected record-breaking sale price underscores the growing importance of diversifying revenue streams beyond just on-field performance for MLB teams. As owners look to maximize their returns, leveraging stadium assets for non-baseball events has become a key strategy, with implications for the future direction of the league.