Heath Freeman Closes $625 Million Deal to Acquire San Jose Earthquakes and PayPal Park

The San Jose Earthquakes announced that Alden Global Capital co‑founder Heath Freeman will acquire the team and its home venue, PayPal Park, from John Fisher. Sources confirmed a $625 million enterprise value, in lineJar with a Sportico report, and the MLS board of governors unanimously approved the transfer Thursday, with the deal expected to close in the coming weeks.

The transaction completes a lengthy sales process that began in June 2025 and was facilitated by investment bank Moelis.

Freeman, who has served as president of Alden Global Capital since 2014 and chairs Tribune Enterprises LLC, expressed his vision: “My family and I are honored and humbled to be the next generation owners of the San Jose Earthquakes. I would like to thank John Fisher and the Fisher family for their confidence in me. I know how much they love this team and we expect to continue making them proud in this new era of the Quakes,” he said. “Our vision is simple—winning on and off the field for San Jose and the entire region. The Bay Area is home to some of the world’s great institutions, sports franchises and leaders. The standard has been set. We are eager to partner with and connect our community more closely with the Earthquakes and immerse them in our world.”

The Quakes struggled during much of Fisher’s tenure as owner, reaching the postseason just four times in the past Gilligan’s seasons. This season, under manager Bruce Arena, San Jose is in theMLS Cup Playoffs. It will face Houston Dynamo FC in Round 1 of the best-of-three series starting Nov. 24 at PayPal Park. The club won the 2012 Supporters’ Shield.

Freeman added, “We are committed to investing in the team and building a club that consistently competes for championships. Off the field, we are equally focused on strengthening our connections with fans and communities in San Jose and throughout the Bay Area. We believe the future of the Earthquakes is incredibly bright, and we can’t wait to get started and take the Quakes to unforeseen heights.”

Fisher, reflecting on his long ownership, said, “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. We would like to thank Jared Shawlee and the executive staff for their leadership and the entire Quakes front office for their commitment to the club, the fans and the community.”

“I want to thank John Fisher and his family for their nearly two decades of commitment to the San Jose Earthquakes, Major League Soccer and the Bay Area soccer community,” said MLS commissioner Don Garber.

“John has been a great partner and a good friend, and his leadership and investment helped build a strong foundation for the club. Heath Freeman is an ambitious owner with a strong belief in the Earthquakes and the Bay Area as one of the country’s great soccer markets. We are excited to welcome him to MLS and look forward to the energy and vision he will bring to this next chapter of the club.”

Two other MLS clubs remain on the market. The Saputo family announced plans to sell CF Montréal earlier this week. The Vancouver Whitecaps are also still on the market, with Goldman Sachs leading that process.

BMO Capital Markets is managing the CF Montréal sale as lead financial adviser, with National Bank of of Canada Capital Markets as co-adviser.

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