San Jose Earthquakes owner John Fisher has officially agreed to sell the Major League Soccer franchise and its home stadium, PayPal Park, to media executive Heath Freeman. The transaction, valued at $625 million according to Sportico and confirmed by team officials, marks a pivotal shift for the club just under two weeks before it hosts its first-ever playoff match at the new venue. The MLS board of directors has already approved the ownership change, with the deal expected to close within the coming weeks, ensuring continuity for the squad as it enters a critical postseason run.
MLS owner exits just days before Earthquakes’ historic first playoff match at their new home.
Freeman, best known as the co-founder and president of hedge fund Alden Global Capital, steps into a role previously held by Fisher since 2007. Fisher’s decision to divest stems from financial pressures related to his other major project, the Las Vegas A’s ballpark. Originally estimated at $1.5 billion, the cost of the Las Vegas stadium has ballooned to over $2 billion, prompting Fisher to liquidate his San Jose assets to secure necessary capital for the ongoing construction. This sale resolves a long-standing tension between the Quakes’ ownership and the broader community, which had grown weary of Fisher’s management style.
The timing of the announcement is particularly significant given the Earthquakes’ imminent playoff debut at PayPal Park. While the ownership transition is underway, the team remains focused on its immediate sporting objectives, with the new ownership structure poised to provide fresh resources and strategic direction. For Freeman, this acquisition represents a major entry into professional sports, leveraging his extensive experience in media and investment to potentially revitalize the franchise. As the dust settles on the $625 million deal, the Earthquakes enter the postseason with a new chapter on the horizon, free from the controversies that have plagued their previous ownership era.
Source: Yahoo Sports
