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Heath Freeman, co-founder of Alden Global Capital, has acquired ownership of Major League Soccer’s San Jose Earthquakes from John Fisher and his partners.
Club Valuation and Sale Approval
As reported by The Athletic, Freeman purchased the club at an enterprise valuation of $625 million, a figure that includes their home venue, PayPal Park. The transaction received unanimous approval from MLS owners during a board of governors meeting held earlier in the week in Miami.
Reflecting on the acquisition, Heath Freeman stated in a club statement reported by The Athletic, “My family and I are honored and humbled to be the next generation owners of the San Jose Earthquakes. 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.”
Freeman added, “We believe the future of the Earthquakes is incredibly bright, and we can’t wait to get started and take the Quakes to unforeseen heights.”
Ownership History and League Context
John Fisher originally paid a $20 million expansion fee for the Quakes in 2007, and the franchise had been listed for sale since 2025. Fisher also owns the MLB franchise the Athletics, which departed Oakland in 2024 after spending 56 years in the city ahead of a planned 2028 move to Las Vegas.
The sale arrives during a distinctive period for MLS. Two of the league’s three Canadian clubs, the Vancouver Whitecaps and CF Montréal, are currently up for sale with uncertain futures and potential relocation on the horizon.
At the same time, MLS team valuations have reached record highs. Earlier in the year, a majority stake in Sporting KC sold at a $700 million valuation, while the Columbus Crew valued themselves at $900 million following a 37% stake sale in 2025. Prior to the transaction, Forbes ranked the Earthquakes as the 23rd most valuable team in the league.
These valuations reflect rising expansion costs, with San Diego FC paying $500 million to enter the league in 2025. That followed expansion fees of $325 million paid by Charlotte FC in 2022 and $150 million paid by Nashville SC in 2020.
New Ownership Background
Heath Freeman has worked as president of Alden Global Capital LLC since 2014 as a founding member of the firm, which owns publications such as The Chicago Tribune and the South Florida Sun Sentinel. He also serves as chair of the major U.S. radio company Cumulus Media.
His philanthropic support for athletics includes his alma mater, Duke University, which named its men’s and women’s soccer and lacrosse venue Freeman Field. Additionally, the University of Miami volleyball program named its court Freeman Indoor Stadium.
MLS commissioner Don Garber praised the new leadership, stating, “Heath Freeman is an ambitious owner with a strong belief in the Earthquakes and the Bay Area as one of the country’s great soccer markets. We are excited to welcome him to MLS and look forward to the energy and vision he will bring to this next chapter of the club.”
The Earthquakes are currently preparing for the postseason as the Western Conference’s No. 4 seed, earning home-field advantage for a first-round series against the Houston Dynamo that will begin following the FIFA international window.
