Peter Seidler Trust

A Letter from Matt Seidler

‍Dear Padres Partners and Faithful Fans:

The Padres franchise is an important part of the San Diego community. We are so grateful for your passionate support and are excited for the upcoming season. Our goal remains the same: to win San Diego’s first World Series Championship.

I want to update you on an unfortunate development related to the designation of the Padres’ Control Person. Yesterday, I was deeply saddened to learn that Sheel Seidler, the widow of my brother, Peter Seidler, filed suit in Texas alleging various wrongful acts in the management of Peter’s estate and trust by me and my predecessor trustee, Bob Seidler.

Sheel’s claims against Bob and me are entirely untrue, and we will vigorously defend ourselves against them. That said, the false accusations in her complaint will not distract the Padres organization from continuing its great momentum on and off the field in San Diego.

Peter was truly one of a kind. I looked up to him my whole life. He was my brother, a trusted business partner, a close friend, and a father figure to me at times given our 19-year age gap (Peter being the second oldest in our family and me being the youngest of 10 siblings).

Some of my favorite childhood memories include going to baseball and hockey games with Peter, who always had a real love for the competition, community, and fun associated with sports. In fact, Peter was my Little League baseball coach and drove me to our practices and games with the windows down and rock music blasting. Later in life, I was lucky to spend nearly my entire professional career working alongside Peter and seeing him act with integrity, thoughtfulness, and humility in every circumstance. Much of what I’ve learned in business and in life, I learned from Peter.

In the 1990’s, Peter, our brother Bob, and Eric Kutsenda founded an investment firm with the simple vision of providing entrepreneurs with capital and help. It was a business model built on partnership – in all facets of the word. Their approach was to back exceptional organizations led by exceptional people and preserve their cultures while supporting their growth potential.

I share this background as it gives insight into Peter. He was an expert on methodically setting up partnerships with clear governance and a stewardship mindset, always with an eye toward building organizations that would survive well past any one individual.

Peter took that same approach with the San Diego Padres. In 2012, Peter led the purchase of the Padres with a group of investors that included Seidler family members and other highly regarded partners, including some terrific families and philanthropists in the San Diego community. Peter had immense gratitude for all of the partners in the Padres – all of whom placed tremendous trust in Peter.

Peter also took a detailed approach to his estate planning, as he had always taken in business governance. He left clear instructions regarding how he wanted key decisions related to the Padres – including the selection of his successor as the Club’s Control Person – to be made if he was no longer with us.

Peter left the designation of the next permanent Control Person in the hands of the trustee of his trust, rather than naming a specific individual. This approach is entirely consistent with Peter’s style. With a long track record as a successful investor, he believed that important decisions are best made by those who had earned trust by working hard and, most importantly, always doing right by people.

In setting up his family trust and estate plans, Peter named three of his siblings to serve as his successor trustees in this order: first Bob, then me, and then our oldest brother John. Peter’s designation of Bob and me was based primarily on the decades the two of us spent working closely with him on complex and sensitive business matters at the investment business he co-founded. Peter also implicitly trusted John based on their long, close relationship and John’s demonstrated business acumen.

As trustees of Peter’s trust, Bob and I have made every effort to honor his confidence in us by being true to his expressed desires and by following the exact terms of his trust agreement and the Padres’ governing documents. Bob resigned as trustee in May of 2024 due to a personal health matter in his family, a situation which Sheel has sadly attempted to exploit. Upon Bob’s resignation, I became the trustee.

While I did not seek the heavy responsibility of serving as Peter’s trustee or designating the Padres’ permanent Control Person, I must honor Peter’s legacy by exercising that responsibility with the thoughtfulness and judgement that Peter always displayed.

Peter had many conversations with Bob, John, and me regarding the Control Person role, including identifying those family members he considered to be potential candidates for this position, and consistently reaffirmed his confidence in each of us, if and when the time came for any of us to designate the Padres’ Control Person. Peter never mentioned Sheel as a potential candidate for Control Person to Bob, John, or me.

Unfortunately, Sheel filed this lawsuit because, despite Peter’s contrary instructions, she wants to control the San Diego Padres franchise. She may be disappointed that Peter did not designate her as the trustee of his trust, name her as the Padres’ Control Person, and/or give her the right to approve the Control Person. Had Peter intended any of these things, he could have easily made that intention clear in the governing documents, which he amended for other matters several times before and after he became Control Person in 2020. He completely restated his trust in July 2021 which reaffirmed the trustee’s responsibility to designate the Control Person. Additionally, Peter’s trust agreement specifically excludes Sheel from ever serving as trustee and gives her no role or rights with respect to the Control Person designation. During Peter’s leadership of the Padres, he never chose to make Sheel an executive, director, officer, or employee of the Padres.

In addition, when Peter became Control Person, Sheel signed a sworn document in which she acknowledged that she had no right to be or to designate the Control Person, and agreed that if Peter passed away she would not seek any order in any legal proceeding that would in any way restrain the control of the Club or the duties of the designated Control Person.

Last July, after months of discussion about the permanent Control Person decision, Sheel unexpectedly asked me to designate her as the Control Person. It was a confusing request, as Sheel had previously told multiple family members that she knew that Peter did not want her to be the Control Person. In fact, on May 30, 2024, she told me that she felt John would be the optimal Control Person for the Padres franchise to fulfill Peter’s vision. Nevertheless, I considered Sheel’s request, and ultimately determined, consistent with Peter’s perspective, that she was not qualified. The Padres still continue to welcome Sheel, and her and Peter’s three children, with open arms as part of the Padres family.

John Seidler, Peter’s older brother, has been designated as the next Padres’ Control Person, subject to Major League Baseball’s approval. John has a lifelong history of involvement with baseball and decades of accomplishment as a founder and operator of successful businesses. He has been a minority owner in the Padres since 2012 and attends most games at Petco. I believe his business experience, proven leadership qualities, and love for the Padres equip him to guide the team as Peter’s successor. We have every reason to believe John’s appointment will be welcomed by the other Padres owners and expeditiously approved by MLB and the owners of the other MLB clubs.

While I categorically disagree with virtually every claim in Sheel’s complaint, there are two specific issues that warrant immediate response. The first involves allegations against the Seidler family, particularly in regard to messages with inappropriate language from one sister-in-law who has never had any involvement in Peter’s trust or the Padres. Sheel is well aware that this individual faces difficult personal health challenges and, most importantly, that the hurtful language does not at all reflect the thoughts or feelings of any other family member. My siblings and I have always loved and supported Peter and Sheel’s family all throughout their 15-year marriage. In the final months of Peter’s life, at least one of his siblings was in San Diego by his side all day, every single day that he was in the hospital. Since Peter’s death, we have repeatedly sought to support and comfort Sheel and her children, and we will continue to do so.

Sheel also inexplicably suggests in her complaint that relocating the team is under consideration.  This is completely false. It is also laughable – the San Diego fans are the best in baseball, and Petco Park is the best ballpark in MLB. To clarify the record without ambiguity, relocating the Padres from San Diego has never been discussed or contemplated.

‍Looking back at the 2024 season, I know that Peter would have been incredibly proud of the grit and heart the team demonstrated during its recent run to the National League Division Series. He would also be extremely grateful to the city of San Diego and to all Padres fans for being simply the most dedicated and passionate fanbase in all of sports.  I am also confident Peter would have appreciated the exceptional leadership that has been displayed by his trusted business partner Eric Kutsenda (Chairman and interim Control Person) and his long-tenured leadership team at the Padres, including Erik Greupner (CEO), AJ Preller (President of Baseball Operations), Mike Shildt (Manager), and Tom Seidler (his brother and Padres EVP), along with every other dedicated member of the Padres team and organization.

Thank you again for your continued support of the Padres and our pursuit of a World Series Championship for the city of San Diego and you, our faithful fans.

Matt Seidler