Earthquakes sold for reported $625M

The San Jose Earthquakes are being acquired by Heath Freeman for a reported $625 million.

PayPal Park, the team facility, also is part of the purchase, the team announced Friday. The Earthquakes didn't disclose financial terms but Sportico reported the price.

The MLS Board of Governors unanimously approved the deal from John Fisher and Partners to Freeman earlier this week, and it's expected to close in the coming weeks. Freeman is co-founder of Alden Global Capital.

"My family and I are honored and humbled to be the next generation owners of the San Jose Earthquakes," Freeman said in a club news release. "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.

"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."

MLS commissioner Don Garber welcomed Freeman as the Earthquakes' incoming owner.

"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," Garber said in a statement. "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."

Fisher has owned the San Jose franchise for the past 19 seasons. The club made six playoff appearances during his tenure, including this season. The Earthquakes (14-10-10, 52 points) finished fourth in the Western Conference this season and will face the fifth-seeded Houston Dynamo in the first round of the playoffs.

"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 in a statement. "... We have so many great memories, from our first game back in 2008, the incredible stadium groundbreaking ceremony, winning the Supporters' Shield and seeing Wondo (Chris Wondolowski) break the MLS record with four goals in the pouring rain (in 2019)."

Fisher also owns the Athletics of Major League Baseball. The team moved from Oakland to the Sacramento area and is slated to play a third season there before the franchise moves to Las Vegas for the 2028 campaign.