Sources: Earthquakes sold for $625 million to Heath Freeman - ESPN

The San Jose Earthquakes announced that Alden Global Capital co-founder Heath Freeman will acquire the team, as well as the club's home venue, PayPal Park, from John Fisher.

Sources confirmed a report from Sportico that the sale reflects an enterprise value of $625 million. The MLS board of governors unanimously approved the transfer of ownership Thursday, noting that the transaction will close in the coming weeks.

The deal will complete a lengthy sales process that began in June 2025. Investment bank Moelis helped facilitate the deal.

«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,» Freeman 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 11 seasons. This season, under manager Bruce Arena, San Jose is in the MLS Cup Playoffs. It will face Houston Dynamo FC in Round 1 when it hosts Game 1 of the best-of-three series Nov. 24 at PayPal Park. The club won the 2012 Supporters' Shield.

«We are committed to investing in the team and building a club that consistently competes for championships,» Freeman said. «Off the field, we are equally focused on strengthening our connections with