John Fisher has agreed to sell the San Jose Earthquakes and their home stadium, PayPal Park, to Heath Freeman, a private equity executive and co-founder of Alden Global Capital. Major League Soccer’s Board of Governors approved the transaction on Friday, and the deal is expected to close in the coming weeks.
Freeman purchased the Earthquakes and PayPal Park for $625 million, according to confirmation from the San Francisco Chronicle. Fisher originally acquired the franchise in 2007 for a $20 million expansion fee. The Earthquakes, one of Major League Soccer’s founding clubs since 1996, enjoyed a strong 2026 season, finishing fourth in the Western Conference with 52 points and a 14-10-10 record.
“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. “Heath shares our belief in this club and this community, and he brings the ambition and commitment to take the Quakes forward.”
Freeman’s acquisition extends beyond football. He is the co-founder and president of Alden Global Capital, a New York-based private equity firm known for owning numerous newspapers across the United States, including the Chicago Tribune, Boston Herald, Denver Post, and San Jose Mercury News. Alden has attracted controversy for aggressive cost-cutting measures in its media holdings. A 2024 San Francisco Chronicle article described the company’s approach as “Stripped for Parts,” and a 2019 Washington Post report labelled Alden’s strategy as “mercenary,” focusing on job cuts and asset sales.
Despite Alden’s reputation, Freeman purchased the Earthquakes personally rather than through his firm. His sports portfolio includes roles as managing partner of the Florida Freedom in the Professional Bull Riders league and executive chairman of the Association of Volleyball Professionals, the main beach volleyball league in the United States.
Freeman expressed enthusiasm about his new role in San Jose. “My family and I are honored and humbled to be the next generation owners of the San Jose Earthquakes,” he said. “Our vision is simple – winning on and off the field for San Jose and the entire region.”
The Earthquakes will host the fifth-seeded Houston Dynamo in the opening match of a best-of-three, first-round playoff series on 24 November. The sale comes as Fisher exits Bay Area sports ownership, having previously moved the Oakland Athletics out of their longtime home.
Details about Freeman’s plans for the Earthquakes and PayPal Park have yet to be released, with fans and observers awaiting further announcements once the deal formally concludes.
According to Yahoo Sports.
