Earthquakes owner John Fisher has sold the MLS franchise and its home stadium, PayPal Park, to Alden Global Capital President Heath Freeman in a deal that sources said values the club at $625M. The sale has been approved by the MLS board of governors and is expected to close in the coming weeks.
The agreement comes 17 months after Fisher, who purchased the team as an expansion franchise in 2007 with partner Lew Wolff for $20M, hired investment bank Moelis & Co. to initiate the process in June 2025. He is in the process of moving his MLB franchise, the A’s, to a new $2.1B ballpark in Las Vegas for the 2028 season.
Freeman is one of the founders of Alden, a private equity firm focused on the media industry, and has been its president since 2014. In that role, he serves as chairman of newspaper holding company Tribune Publishing and radio station owner Cumulus Media. The firm is one of the largest newspaper owners in the country and has come under fire for newsroom staff cuts.
Freeman is also the managing partner of the Florida Freedom of Professional Bull Riders and executive chairman of the Association of Volleyball Professionals. He is a significant booster for his alma mater, Duke University. The field at Koskinen Stadium, home of the school’s soccer and lacrosse programs, is named Freeman Field. He has also donated to the University of Miami volleyball program, which plays at Freeman Indoor Stadium.
The Earthquakes sale announcement comes days after CF Montreal owner Joey Saputo announced his intention to sell that franchise. The owners of the Whitecaps, led by Greg Kerfoot, have also been seeking to sell the club for nearly two years.
Katten Muchin Rosenman LLP and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal counsel to the Earthquakes in connection with the transaction. Sidley Austin LLP acted as legal counsel to Heath Freeman in connection with the transaction.
