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Fisher's **$625M** Earthquakes exit completes his Bay Area retreat and tests whether private equity discipline translates to on-field results.
$625 million
ending Fisher's twelve-year run in Major League Soccer
$226 million
Garber quoted as MLS's average franchise valuation in December…
$100 million
built PayPal Park for approximately
$150 million
in 2015
John Fisher sold the San Jose Earthquakes and PayPal Park to Heath Freeman, co-founder and president of Alden Global Capital, for $625 million, ending Fisher's twelve-year run in Major League Soccer. The transaction values the Earthquakes at roughly 2.8x the $226 million Garber quoted as MLS's average franchise valuation in December 2023.
Fisher acquired the Earthquakes in 2012 for a reported $100 million, built PayPal Park for approximately $150 million in 2015, and now exits with a 5.2x gross return. The stadium, a 18,000-seat soccer-specific venue in Santa Clara, anchors the deal. Freeman's Alden Global manages roughly $3.2 billion in assets and is best known for acquiring newspaper chains, including Tribune Publishing in 2021 for $630 million. Freeman personally owns stakes in minor-league baseball clubs and has been circling MLS opportunities since at least 2022, according to two league sources.
The sale completes Fisher's retreat from Bay Area sports ownership. He relocated the Oakland Athletics to Las Vegas after failing to secure public funding for a waterfront ballpark, drawing sustained fan protest and civic contempt. The A's sale process is expected to begin after the team settles into its temporary Sacramento home in 2025. Fisher's dual exits suggest a portfolio realignment ahead of the A's $1.5 billion Las Vegas stadium construction, which breaks ground in April. He retains a $500 million private financing gap after Nevada committed $380 million in public bonds.
For MLS, the deal confirms the league's valuation climb but raises questions about private equity's expanding footprint. Freeman is buying as an individual, not through an Alden fund vehicle, according to a person familiar with the structure. That distinction matters: MLS relaxed its ownership rules in 2022 to allow institutional capital up to 49% stakes, but the league still prefers principal-led deals with operators who attend board meetings. Freeman has not announced a front-office team. The Earthquakes finished 13th in the Western Conference last season and averaged 13,204 fans per match, 23% below the league median.
PayPal Park's inclusion sweetens the economics. The venue hosts concerts, international friendlies, and college football bowls, generating an estimated $8 million to $12 million annually in non-MLS event revenue. Levi's Stadium sits 1.8 miles away, creating both competition and coordination opportunities for major events. Freeman's media background—Alden owns dozens of local outlets—could inform content strategy as MLS's Apple TV deal enters year two with softer-than-projected subscription uptake.
Fisher's Earthquakes tenure delivered one playoff appearance in twelve seasons and persistent tension with supporters' groups over stadium atmosphere and player spending. The team's payroll ranked 22nd of 29 clubs in 2024 at $14.3 million, per MLSPA data. Fisher's departure removes a flashpoint but doesn't immediately solve roster construction. General manager Chris Leitch remains under contract through 2025, and the club has $3.1 million in TAM and GAM allocation money available for summer signings.
Freeman will officially join MLS ownership when the league's board ratifies the sale, expected in late March. He inherits a franchise with stable infrastructure, a skeptical fanbase, and a $625 million price tag that implies someone believes the Earthquakes can grow into contention without requiring Fisher-level indifference.
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