Owner John Fisher has agreed to sell the San Jose Earthquakes and their home stadium, PayPal Park, to media executive Heath Freeman for $625 million.
The transaction was confirmed by an Earthquakes team official and first reported by “Sportico”.
Major League Soccer’s board has approved the ownership change, and the deal is expected to close in the coming weeks, according to “the team.”
Fisher, who has been seeking to sell the franchise since June 2025, initially purchased the club in 2007 to revive the franchise, as noted by “SFGATE.”
The sale comes as Fisher faces rising costs for the Athletics’ new Las Vegas ballpark, which have surged to over $2 billion, per “social media reports.”
Freeman, co-founder of the hedge fund Alden Global Capital, expressed his goals for the club in a statement provided by the team.
“Our vision is simple – winning on and off the field for San Jose and the entire region,” Freeman said in the statement.
Freeman is known for his work with Alden Global Capital, a firm that has faced criticism for its strategy of acquiring newspapers and reducing staff, as reported by “The Washington Post.”
The Earthquakes are currently preparing for their first-ever postseason match at PayPal Park, scheduled for Nov. 24.
Fisher, who privately financed the $100 million construction of the stadium in 2015, will no longer own a sports team in the region where his family has resided for generations, according to “SFGATE.”