The San Diego Padres are nearing a sale to a group led by José E Feliciano, co-founder of private equity firm Clearlake Capital and co-owner of Chelsea FC, and his wife, Kwanza Jones, for a Major League Baseball-record $3.9bn, according to multiple reports.

The Wall Street Journal and the Athletic reported on Friday that the group was closing in on a deal. The sale requires approval by 75% of MLB’s 30 owners. The reported price would surpass the $2.42bn Steve Cohen paid for the New York Mets in 2020.

Everton owner Dan Friedkin, Detroit Pistons owner Tom Gores and Golden State Warriors owner Joe Lacob were the other reported finalists.

The deal would mark the end of a contentious process that began when the Seidler family, who have owned the Padres since 2012, announced in November they were exploring a sale of the team.

After the death of chair Peter Seidler in 2023, his widow Sheel Seidler sued her brothers-in-law to in an attempt to prevent another brother, John, from taking control of the team instead of her. Sheel Seidler dismissed the bulk of her claims earlier this year, and John Seidler currently serves as San Diego’s control person.

Feliciano, whose net worth is an estimated $3.9bn, and Clearlake Capital own more than 60% of Chelsea. The ownership group also includes Mark Walter, Todd Boehly and Hansjorg Wyss.

The Padres have made the playoffs in four of their last six seasons and reached the National League Championship Series in 2022.

The record sale price is likely to be a talking point in baseball’s upcoming labor negotiations. The collective bargaining agreement expires 1 December. The owners are expected to push to implement a salary cap, but the MLB Players Association has argued that franchise valuations are continuing to rise without a cap.

The average MLB franchise is worth $2.95bn, up 13% year-over-year, according to valuations released last month by CNBC. The New York Yankees led at $9bn, followed by the Los Angeles Dodgers ($8bn), who are co-owned by Boehly and Walter.

The most recent sale of an MLB team was the Tampa Bay Rays last year for $1.7bn.