The battle over control of family trusts left by late Padres owner Peter Seidler has reached at least a partial conclusion, according to court filings in Texas.
His widow, Sheel Kamal Seidler, sued Matthew and Robert Seidler, two of his brothers, last year in their roles as the current and former executors of Peter Seidler’s estate and current and former trustees of his trusts.
She accused them of “egregious acts of self-dealing” in their management of the affairs of Peter Seidler, who died in November 2023, alleging that they had ignored their brother’s wishes that the trusts existed for Sheel’s “sole benefit” during her lifetime.
The latest documents, filed Monday, show that Sheel Seidler, as part of “the parties’ agreement to resolve the matters between them,” has withdrawn most of the claims in the January 2025 lawsuit. The action was taken with prejudice, meaning that she cannot sue Matthew and Robert Seidler again based on the dismissed claims.
Two pieces of the original case remain, however – Sheel Seidler’s allegations of breach of duty to distribute and demand for accounting.
The probate court in Travis County, Texas also agreed to grant the plaintiff’s and defendants’’ request that the court appoint a neutral representative to “confirm that the resolution reached by the parties and others is binding on the remainder beneficiaries.”
The Padres are among substantial holdings in the Seidler trusts, including the largest ownership block and the team’s control rights, according to the original suit. Other holdings include part of Seidler Kutsenda Management Company, the Marina del Rey private equity firm founded by Peter Seidler.
Padres ownership announced late last year that they were exploring options to sell the team. Peter Seidler was part of the ownership group that purchased the team for $800 million in 2012. He became the primary owner in 2020.
The Padres alone are worth far more now, as much as $2 billion, according to various estimates. The last team transaction in Major League Baseball was the $1.7 billion sale of the Tampa Bay Rays, which was finalized in September.
Ownership of the team was an issue in Sheel Seidler’s lawsuit. Her attorneys stated that Matthew Seidler’s desire for another brother, John, to be named “control person” of the Padres, rather than Sheel, “may well be part of his efforts to sell, and perhaps relocate, the team, over the strident objections of Sheel.” Matthew denied her allegations.
The advisory firm BDT & MSD Partners is working with the Padres on issues related to the possible sale.
