The purchase by the O'Malley Group was finalized Monday night with majority owner John Moores and a group of minority owners, U-T San Diego reported.
The O'Malley group is led by Peter O'Malley, the former owner of the Dodgers. Also part of the group are Kevin and Brian O'Malley and Peter and Tom Seidler, all grandsons of Walter O'Malley, who moved the Dodgers from Brooklyn to California in 1957.
Professional golfer Phil Michelson and civic leader Ron Fowler also are members of the group.
The sale must still be approved by Major League Baseball owners, who are scheduled to meet Aug. 16.
Padres Chief Executive Officer Tom Garfinkel and general manager John Byrnes will retain their positions. The Seidlers and Kevin and Brian O'Malley are expected to assume major roles with the club.
In a statement, Peter Seidler promised a "prompt, efficient and smooth transition."
The purchase price includes a $200 million advance payment from Fox Sports San Diego, which will have a 20-year deal with the team.