The future of the San Diego Padres just got murky. The widow of the principle owner is suing his brothers

[lucas80]

Fiduciary mismanagement and charges of racism were thrown around by Sheel Seidler in the filing contesting the appointment of John Seidler to run the team, as well as brothers Matt and Robert are named as defendants in the suit. In 2023 Peter Seidler died and apparently left control of the team to a trust, but he made conflicting statements as his health declined.
Making it more complex is that nobody owns more than 50 percent of the team. Sheel inherited 25 percent of the team, which has numerous minority stakeholders. Under Peter Seidler the Padres spent lavishly, succeeded moderately, and ran afoul of league rules over debt. I predict lots of billable hours from this suit. Interesting to me was that the suit was filed in Texas, where the Sheel and Peter Seidler maintained a home.
As all things impact the Cubs, this might edge out the Padres who have been pursuing Japanese FA Roki Sasaki.
https://www.sandiegouniontribune.co...er-sues-family-trust-for-control-of-the-team/

 

[mnole03]

I wonder if this will go like the Dodgers where MLB forced a sale.

 

[lucas80]

I wonder if this will go like the Dodgers where MLB forced a sale.

It’s going to be a scrap. Maybe I didn’t read it closely enough, but it sounds like the widow controls 25 percent, the Mexican businessman mentioned controls 15 percent, there are several minor stakeholders, but is there a trust controlling a chunk? I assume she isn’t fighting the BILs over administration over her and her kid’s portion?
It shocks me rich guys don’t have the vision to lay down clear wishes. Even poors fight over wills.
Peter was pretty free with the money, so him leaving them in debt is already known. The Padres had to borrow $50 million. They are making zero moves this offseason, so the court documents will be revealing unless this gets settled via a quick sale.