The San Jose Earthquakes have a prospective new owner, and MLS has approved the deal. The club announced that Heath Freeman will acquire the team and its home stadium, PayPal Park, from John Fisher and Partners, with the league's Board of Governors unanimously approving the transfer on November 12.
Freeman will become the Earthquakes' new principal owner and will represent the club on the MLS Board of Governors, according to the club's announcement. The club identifies him as vice chairman of MNG Enterprises, which manages newspapers. The transaction, which also includes PayPal Park, is expected to close within the coming weeks, and the club said financial terms were not disclosed, according to the Mercury News.
Fisher's Nearly Two-Decade Run Comes to a Close
Fisher has been principal owner of the Earthquakes since 2008, and he and Lew Wolff brought the club back from a two-year hiatus when they took ownership in 2007, paying a $20 million expansion fee, per the Earthquakes' announcement. Fisher said his family loved owning the club for almost 20 years and appreciated its fans and staff, according to the Mercury News. The Athletics left Oakland and played in Sacramento while planning a move to Las Vegas, the Mercury News reports.
MLS Commissioner Don Garber credited Fisher's tenure even as the page turns. “His leadership and investment helped build a strong foundation for the club,” Garber said in the league's announcement. Garber added that Freeman believes in the Earthquakes and the Bay Area as a major soccer market, according to the Mercury News.
A Club With Deep Bay Area Roots
The Earthquakes trace back to 1974, when they were founded as a North American Soccer League member, a league that folded in the 1980s. The club became an MLS charter member in 1996, when it began MLS competition, the Earthquakes said in their announcement. San Jose won two MLS Cups in its first 10 years, including titles in 2001 and 2003, per the Mercury News. The club marked its 50th anniversary in 2024, commemorating that original 1974 founding.
The sale process began well before Friday's announcement. Fisher hired Moelis & Co. in June 2025 to sell the club, according to Sportico. Sportico also reported that San Jose and Vancouver had both been on the market and received tepid interest, and that both clubs require significant facilities investment on top of their purchase prices. The Vancouver Whitecaps remain on the market with Goldman Sachs leading that process, while the Saputo family announced plans to sell CF Montréal and hired two banks the same week as the Earthquakes sale, Sportico noted.
Valuations Vary Widely Across Outlets
Figures attached to the sale differ depending on the source. Sportico reported Freeman was buying the club at an enterprise value of $625 million, while Forbes had valued the Earthquakes at $550 million and ranked the club No. 24 in MLS's 30-team league. Sportico's own 2026 valuations separately put the club at $585 million, down 3 percent, ranking it 23rd, and ABC7 had reported a $540 million figure. Ahead of the sale, the San Francisco Standard reported Fisher was marketing the team at a valuation of roughly $600 million. Forbes separately estimated the average value of MLS's 30 clubs at $731 million this year, up 6 percent from 2025.
Freeman's Background Beyond Media
Freeman brings experience running sports properties outside journalism. He is managing partner of Florida Freedom, a professional bull riding team, and executive chairman of the Association of Volleyball Professionals, according to the Mercury News. The club describes the AVP as the premier beach volleyball league in the world. In the Earthquakes' own announcement, Freeman struck a confident tone about the purchase. “We are committed to investing in the team and building a club that consistently competes for championships,” he said. He also said his vision is to win on and off the field for San Jose and the region, and that the club aims to strengthen connections with fans and communities in San Jose and the Bay Area, per the Mercury News.
On-Field Momentum Meets Off-Field Change
The timing lands as the Earthquakes are coming off one of their best seasons in years. San Jose will host its first home playoff game since PayPal Park opened in 2015, taking on the Houston Dynamo in a three-game series starting November 24, according to the Mercury News. The San Francisco Standard reported that coach Bruce Arena guided the team to its first winning season since the stadium opened in 2015. Sources differ on how many playoff appearances the club made during Fisher's ownership overall: the Earthquakes' own announcement cites six, while MLS's announcement cites five.
The roster turnover behind that turnaround has been significant. San Jose added Arena along with forwards Josef Martinez and Chicho Arango before the 2025 season, though Martinez has since left in free agency and Arango went on loan to Atlético Nacional in Colombia, per the Mercury News. The club also brought in German forward Timo Werner as a designated player. PayPal Park, the 18,000-seat stadium that opened in 2015, is the Earthquakes' home venue.
