A New Ownership Era for San Jose
Private equity investor and Alden Global Capital co-founder Heath Freeman has reached an agreement to purchase the San Jose Earthquakes and their home venue, PayPal Park, from longtime owner John Fisher in a transaction valuing the Major League Soccer club at $625 million. Front Office Sports first reported the enterprise value, while Sportico reported that the MLS board of governors unanimously approved Freeman’s ownership bid on Thursday, November 12, 2026. The purchase concludes a formal sales process that began in June 2025 when Fisher hired investment bank Moelis & Co. to seek buyers for the franchise.
The transaction marks a significant leadership shift for one of the league’s founding clubs, which made its debut in the inaugural 1996 MLS season. Under the terms of the agreement, which is expected to officially close in the coming weeks, Freeman will become the club’s principal owner and represent San Jose on the MLS board of governors. Financial advisory for the transaction was managed exclusively by Moelis, with Katten, Munchen and Rosenman and Skadden, Arps, Slate, Meagher and Flom serving as legal counsel for the Earthquakes, and Sidley Austin advising Freeman.
Fisher’s Exit and Business Transition
For John Fisher, an heir to The Gap retail fortune who purchased the Earthquakes in 2007 for a $20 million expansion fee, the sale brings nearly two decades of soccer ownership to a close. Fisher’s departure from Major League Soccer coincides with a broader restructuring of his sports holdings. The billionaire owner has been actively transitioning his Major League Baseball franchise—formerly the Oakland Athletics—toward a permanent home in Nevada. After playing the past two seasons at Sutter Health Park in Sacramento, the A’s expect to open a new $2 billion stadium on the Las Vegas Strip by 2028.
Fisher expressed gratitude toward the franchise’s supporters in a statement released Friday, November 13, 2026. “My family and I have loved owning this club for almost 20 years, and we are extremely grateful for the support of our amazing fans as well as the hard work of all of our coaches, players and staff,” Fisher said. The Earthquakes’ valuation reflects a broader wave of franchise transactions across North American soccer, occurring during the same week that the Saputo family announced plans to sell CF Montréal and the Vancouver Whitecaps continued their active sales process led by Goldman Sachs.
Immediate Team Outlook and Stated Goals
Freeman enters the ownership role as the Earthquakes prepare for the postseason. San Jose finished the regular season in fourth place in the Western Conference with a 14-10-10 record under manager Bruce Arena and is scheduled to open the MLS Cup Playoffs on November 24, 2026, hosting the Houston Dynamo in Game 1 of their first-round series at PayPal Park.
Addressing the franchise’s future, Freeman emphasized both on-field competitiveness and community integration. ESPN reported that Freeman outlined his priorities in a club statement, noting a commitment to investing in the team. “Our vision is simple—winning on and off the field for San Jose and the entire region,” Freeman said. Beyond his role at Alden Global Capital, Freeman serves as chairman of Tribune Enterprises LLC, managing partner of the Florida Freedom of Professional Bull Riders, and executive chairman of the AVP beach volleyball league.