Fowler agreed to buy the team from John Moores earlier this month for $800 million. The Fowler group will be the fifth to own the team since the franchise was granted in 1969. Moores bought the team in 1994 for about $70 million.
The Fowler-led group buying the Padres includes professional golfer Phil Mickelson and members of the O'Malley family, who used to own the Los Agneles Dodgers. Fowler is the chief executive officer of Liquid Investment, a beer distributor in San Diego.
"With significant local representation and extensive baseball experience, this group understands the Padres' binding role in the community, and I believe that its collective long-term vision and passion will serve the fans of San Diego well in the years ahead," baseball Commission Bud Selig said in announcing the sale approval during an owners' meeting in Denver.
A release from MLB said the other owners approved the sale unanimously.