Sports
San Jose Earthquakes sold to hedge fund executive Heath Freeman for $625 million
John Fisher is selling the San Jose Earthquakes and PayPal Park to Heath Freeman, co-founder of Alden Global Capital, for $625 million. The sale comes just before the club's first-ever home playoff match and marks the end of Fisher's local sports ownership.
San Jose Earthquakes owner John Fisher has agreed to sell the Major League Soccer club and PayPal Park to Heath Freeman, a media executive and co-founder of hedge fund Alden Global Capital, for $625 million, the team announced Friday. The sale, which has already been approved by MLS's board, is expected to close in the coming weeks.
The deal ends Fisher's nearly two-decade tenure as the Earthquakes' owner. He purchased the club in 2007, reviving the franchise after its original iteration moved to Houston, and privately financed the $100 million stadium that opened in 2015. Fisher had been seeking a buyer since June 2025, as he faced ballooning costs for the Athletics' new Las Vegas ballpark, which have risen from an initial estimate of $1.5 billion to more than $2 billion.
For San Jose, the timing is bittersweet. The Earthquakes just completed their best season in years, clinching the No. 4 seed in the Western Conference, and are set to host their first-ever playoff match at PayPal Park on Tuesday, Nov. 24, at 7 p.m.
Freeman, a Duke University graduate who played football as a walk-on kicker, is a longtime sports enthusiast. He owns a Professional Bull Riders team, serves as executive chairman of the AVP beach volleyball league, and is a major booster of Duke and the University of Miami's volleyball program. But he is perhaps best known for his role at Alden Global Capital, a hedge fund that has drawn widespread criticism for acquiring newspapers, slashing jobs, and selling off real estate while extracting large profits. In the Bay Area, Alden's Digital First Media consolidated several regional papersâincluding the San Jose Mercury News, Oakland Tribune, and Contra Costa Timesâinto the Bay Area News Group.
In a statement provided by the Earthquakes, Freeman sought to reassure fans. "Our vision is simple â winning on and off the field for San Jose and the entire region," he said. "We are committed to investing in the team and building a club that consistently competes for championships. Off the field, we are equally focused on strengthening our connections with fans and communities in San Jose and throughout the Bay Area."
The sale marks the end of Fisher's ownership of a local sports team, following the A's departure to Las Vegas. For a community that has long prided itself on its sports franchises, the transition raises questions about the club's direction under a new owner with a controversial record in the media industry. Fans will be watching closely as the Earthquakes enter the playoffs and a new era.