San Diego's franchise value plummeted $600M year-over-year, per Forbes 2025 data, marking the steepest MLB decline tracked by Matchex this cycle. The Seidler family's asset faces revenue headwinds: weak local media economics, modest attendance post-2022 playoff run, and payroll constraints that limit competitive positioning. MLB median valuations declined 8-12% overall as debt servicing costs rose and regional sports network monetization collapsed—Padres' above-average leverage amplified downside exposure.