Alden Global Capital co-founder Heath Freeman will acquire the San Jose Earthquakes and PayPal Park from owner John Fisher for $625 million, following unanimous approval by the MLS Board of Governors on Thursday.
The transaction reflects an enterprise value of $625 million and is expected to close in the coming weeks. Moelis & Company served as investment bank for the deal, which began in June 2025.
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Fisher has owned the Earthquakes since 2007, when he and Lew Wolff launched a new expansion franchise after the original club relocated to Houston following the 2005 season. He funded construction of PayPal Park without public financing. Under his ownership, the team won the 2012 Supporters’ Shield and qualified for the MLS Cup Playoffs four times over the past 11 seasons.
San Jose qualified for the 2026 MLS Cup Playoffs under manager Bruce Arena and will face Houston Dynamo FC in Round One. Game 1 of the best-of-three series is scheduled for Tuesday, November 24 at PayPal Park.
Freeman has led Alden Global Capital as president since 2014. He chairs Tribune Enterprises LLC — parent company of The Chicago Tribune and South Florida Sun Sentinel — and serves as vice chairman of MNG Enterprises, Inc., which oversees the Denver Post, San Jose Mercury News, and Boston Herald. Alden has instituted staff reductions and budget cuts across those publications.
In a statement, Freeman said his family is honored and humbled to become the next generation of Earthquakes owners and thanked the Fisher family for their confidence. He added that they expect to continue making the Fishers proud in this new era.
Fisher said his family loved owning the club for nearly 20 years and expressed gratitude to fans, coaches, players, and staff.
MLS Commissioner Don Garber called Fisher “a great partner and a good friend” and said Freeman brings “energy and vision” to the club. Two other MLS clubs remain on the market: CF Montréal, whose sale was announced earlier this week by the Saputo family, and the Vancouver Whitecaps, with Goldman Sachs leading that process.
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