The San Jose Earthquakes have been sold to Heath Freeman, one of the founding members of private equity firm Alden Global Capital, in a deal that values the Major League Soccer club at $625 million. The deal was announced Friday afternoon and sees Freeman buying both the team and its home stadium, PayPal Park, from billionaire John Fisher, who also owns Major League Baseball's Athletics.
Financial details were not disclosed in the official announcement, but a source familiar with the matter confirmed to Front Office Sports that the deal carries an enterprise value of $625 million. The Earthquakes are one of the founding Major League Soccer clubs, with the league having launched in 1996.
The agreement is expected to be completed in the coming weeks, according to the announcement. Once finalized, Freeman will become the Earthquakes' new principal owner and will represent the club on the MLS board of governors. The sale brings to a close a process that first launched in June of last year.
"Our vision is simple -- winning on and off the field for San Jose and the entire region," Freeman said in a statement.
Freeman has served as president of Alden Global Capital since 2014 and is also chairman of Tribune Enterprises LLC, which owns the Chicago Tribune and South Florida Sun Sentinel. The Earthquakes are not his first venture into sports ownership; he is managing partner of the Florida Freedom of Professional Bull Riders and executive chairman of the AVP beach volleyball league. The football field at Duke University's Koskinen Stadium, his alma mater, is named Freeman Field.
The announcement comes ahead of this year's MLS playoffs, which begin on November 19. The Earthquakes finished fourth in the Western Conference with a record of 14-10-10 and will open the postseason on November 24 at home against the Houston Dynamo.
For Fisher, an heir to his family's fortune through The Gap retail empire, the sale marks his exit from MLS after nearly two decades of ownership; he bought the Earthquakes in 2007.
"My family and I have loved owning this club for almost 20 years, and we are extremely grateful for the support of our amazing fans as well as the hard work of all of our coaches, players and staff," Fisher said in Friday's press release.
Fisher's Other Sports Ventures
Fisher's Athletics, who have been playing in Sacramento since moving out of Oakland in 2024, expect to begin playing full-time in Las Vegas in 2028. A 33,000-capacity stadium on the Strip is currently under construction; it was originally expected to cost about $1.5 billion, but that figure has risen to a little over $2 billion. The Athletics have not yet received approval from the U.S. Patent and Trademark Office to use the "Las Vegas Athletics" name.
In July, a new private equity firm backed by former Mavericks owner Mark Cuban and Falcons minority owner Rashaun Williams agreed to buy a minority stake in the Athletics. One week later, it was announced that former MLB pitcher Chan Ho Park is leading a group that will invest $70 million into the team.
