The San Jose Earthquakes and their home, PayPal Park, are set to change hands after nearly two decades under John Fisher’s ownership. Fisher agreed to sell the Major League Soccer club and stadium to Heath Freeman, co-founder and president of Alden Global Capital, for $625 million. MLS’s Board of Governors has approved the sale, with the transaction expected to close in the coming weeks.
Fisher’s initial investment in the Earthquakes was a $20 million expansion fee back in 2007. The jump in value reflects the club’s growth and the rising profile of MLS. Founded in 1996 as a charter member of the league, the Earthquakes recently completed a strong 2026 season. They finished fourth in the Western Conference, securing 52 points through a 14-10-10 record. Their playoff campaign begins on November 24, hosting fifth-seeded Houston in the first round of the postseason.
“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 our coaches, players and staff,” Fisher said in a statement. He added that Freeman “shares our belief in this club and this community, and he brings the ambition and commitment to take the Quakes forward.”
Freeman purchased the club as an individual, not through Alden Global Capital, which is known for its ownership of several newspapers, including the Chicago Tribune, Boston Herald, Denver Post, and San Jose Mercury News. Alden’s approach to media ownership has drawn attention for aggressive cost-cutting measures. A 2024 San Francisco Chronicle article described the company’s strategy under the headline “How American newspapers have been ‘Stripped for Parts.’” Earlier coverage from The Washington Post in 2019 labelled Alden’s tactics as a “hedge fund’s ‘mercenary’ strategy: Buy newspapers, slash jobs, sell the buildings.”
Outside of his association with Alden, Freeman has experience in sports ownership through his roles with professional bull riding and beach volleyball. He is managing partner of the Florida Freedom of the Professional Bull Riders and executive chairman of the Association of Volleyball Professionals, the main beach volleyball league in the United States.
“My family and I are honored and humbled to be the next generation owners of the San Jose Earthquakes,” Freeman said. “Our vision is simple, winning on and off the field for San Jose and the entire region.”
Fisher’s exit marks the end of his involvement in Bay Area sports, following his controversial move of the Oakland Athletics to Las Vegas. The Earthquakes’ sale includes full ownership of PayPal Park, a facility that has been a central piece of the club’s identity since it opened. The stadium and team together commanded a price over 30 times Fisher's original expansion fee.
The Earthquakes’ playoff series against Houston will be the first under Freeman’s ownership, adding a new chapter to the club’s history as it aims to build on a playoff berth secured in a competitive Western Conference.
According to Yahoo Sports.
