John Fisher has reached an agreement to sell the San Jose Earthquakes and their home stadium, PayPal Park, to Alden Global Capital co-founder Heath Freeman in a deal valued at $625 million, according to Yahoo Sports.
The sale marks the end of a nearly 20-year tenure for Fisher, who originally purchased the franchise for $20 million in 2007 following a two-year hiatus for the club.
Reflecting on his time with the organization, Fisher noted in a public statement that his family has loved owning the club and expressed gratitude for the support of fans, coaches, players and staff, as reported by Yahoo Sports.
During his ownership, the team opened PayPal Park in 2015 and secured the Supporters’ Shield in 2012, though the club struggled to capture other major trophies.
Fisher highlighted the ambition of the incoming owner, stating that “Heath shares our belief in this club and this community, and he brings the ambition and commitment to take the Quakes forward,” per the Yahoo Sports report.
Freeman, who serves as president of the investment firm Alden Global Capital, brings a background in newspaper ownership and various sports ventures to the MLS franchise.
His portfolio includes leadership roles with the Florida Freedom professional bull riding team and the AVP beach volleyball league.
The $625 million valuation comes as the league sees a shift in ownership dynamics across several markets.
While the Earthquakes were recently ranked 22nd in franchise value by Forbes at $540 million, the reported sale price reflects an upward trend in team valuations, according to the outlets.
The transaction occurs alongside broader uncertainty for other MLS clubs, including the Vancouver Whitecaps and the Montreal club, which was recently put up for sale by owner Joey Saputo.
As the league navigates these transitions, the focus in San Jose shifts to the incoming leadership under Freeman.