The San Jose Earthquakes being sold for $625 million marks one of the largest ownership shake-ups in Major League Soccer history, bringing a nearly two-decade chapter of Bay Area sports to a close. On Friday, the Earthquakes officially announced that sports, media, and real estate executive Heath Freeman has agreed to acquire the club and its home stadium, PayPal Park, from longtime principal owner John Fisher and his partners.
While the club’s official release did not disclose financial terms, multiple industry outlets reported the transaction carries an enterprise valuation of $625 million. Major League Soccer’s Board of Governors has already unanimously approved the transfer of control. Once the deal formally closes in the coming weeks, Freeman will assume the role of principal owner and represent the franchise on the MLS Board of Governors.
Who Is Incoming Owner Heath Freeman?
For American sports and media observers, Freeman’s arrival brings a prominent national business profile into MLS boardrooms. He is a founding member and president of Alden Global Capital, a private equity firm heavily invested in regional print and broadcast media.
Freeman’s broader corporate and sports portfolio includes:
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Major Newspaper Holdings: He serves as chairman of Tribune Enterprises, which owns The Chicago Tribune and South Florida Sun Sentinel, and as vice chairman of MNG Enterprises, which manages The Denver Post, The Boston Herald, and the local San Jose Mercury News.
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Broadcast and Real Estate: He is chairman of Cumulus Media—one of the largest radio operators in the United States—and managing partner of Long Island-based EHP Hospitality Group.
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Existing Sports Ties: Freeman is already embedded in alternative and collegiate sports as managing partner of the Professional Bull Riders’ Florida Freedom, executive chairman of the AVP beach volleyball league, and a major donor to Duke University’s soccer and lacrosse facilities.
In a statement released by the club, Freeman called the acquisition an honor and pledged to invest in a championship-caliber roster while deepening ties across San Jose and the broader Bay Area.
End of a Tumultuous Era Under John Fisher
The sale concludes Fisher’s polarizing 19-year run at the helm of the franchise. Fisher and former partner Lew Wolff originally paid a $20 million expansion fee in 2007 to relaunch the Earthquakes following a two-year hiatus, later privately financing the construction of PayPal Park, which opened in 2015.
On the pitch, however, sustained success proved elusive. Aside from capturing the 2012 Supporters’ Shield behind club legend Chris Wondolowski, San Jose spent much of Fisher’s tenure near the bottom of the Western Conference standings. Fisher formally placed the team on the market in mid-2025 as his attention and capital shifted toward relocating his Major League Baseball franchise, the Athletics, through Sacramento ahead of their planned move to Las Vegas in 2028.
Playoff Momentum Meets Ownership Transition
The San Jose Earthquakes sold for $625 million announcement arrives at an ideal competitive moment for the franchise—and underscores the rising valuation of MLS clubs, as San Jose becomes the first team sold outright since 2022, even after Forbes recently valued the club at $540 million.
Under veteran head coach Bruce Arena, the Earthquakes enjoyed a major resurgence in 2026. Led by German forward Timo Werner and homegrown playmaker Niko Tsakiris, San Jose finished fourth in the Western Conference with 52 points to reach the postseason for the first time since 2023. The Earthquakes will host the first-ever MLS Cup Playoff match at PayPal Park when they open their best-of-three Round One series against Houston Dynamo FC on Tuesday, November 24.
San Jose Earthquakes Sold: $625 Million Deal Ushers In New Era