The Seidler family announced Thursday that it is exploring "strategic options" that could result in the sale of a portion or all of the San Diego Padres.

The announcement comes one day before the two-year anniversary of owner Peter Seidler's death on Nov. 14, 2023.

"The family has decided to begin a process of evaluating our future with the Padres, including a potential sale of the franchise," Padres chairman John Seidler said in a statement. "We will undertake this process with integrity and professionalism in a way that honors Peter's legacy and love for the Padres and lays the foundation for the franchise's long-term success. During the process and as we prepare for the 2026 season, the Padres will continue to focus on its players, employees, fans, and community while putting every resource into winning a World Series championship. We remain fully committed to this team, its fans, and the San Diego community."

Sheel Seidler, Peter's widow, filed a lawsuit in January that challenged control of the Padres. However, the other 29 MLB team owners approved John Seidler, Peter's eldest brother and trustee of the trust, as the Padres' control person in February.

Per the San Diego Union-Tribune, the largest stake in the team -- approximately 24% -- is held by the Peter Seidler Trust, of which Sheel Seidler and their three minor children are the beneficiaries.

Other members of the Seidler family own approximately 20% of the team, per the newspaper.

Per the San Diego Union-Tribune, the estimated valuation of the Padres is $1.8 billion. In its list of team values done before the 2025 season, Forbes ranked the Padres No. 17 at $1.95 billion.

Last Thursday, the Padres hired former relief pitcher Craig Stammen, 41, as their new manager.

Stammen replaced Mike Shildt, who retired after the season. With the Padres, he had a 183-141 record and took the team to back-to-back playoff berths. San Diego lost in the NL wild-card series in 2025 and the NL Division Series in 2024.