Heath Freeman, co-founder of Alden Global Capital, buys San Jose Earthquakes from John Fisher for an enterprise value of $625 million. MLS owners approved Freeman’s offer on Thursday, according to two people familiar with the matter. The deal is not yet finalized.
Earthquakes and Alden Capital did not respond to immediate requests for comment.
Fisher paid a $20 million expansion fee for the team in 2007. In June 2025, he hired Moelis & Co. to sell the MLS club, as he transitioned his MLB team from Oakland to Las Vegas. The Athletics have played the past two seasons at Sutter Health Park in Sacramento, home of the Triple-A Sacramento River Cats, and the new $2 billion Vegas Stadium is expected to open in 2028.
Alden is a private equity firm based in New York and has acquired newspapers across the country through its Digital First Media business. It is the second-largest publisher in the United States, behind USA Today Co., and has been criticized for significant cost-cutting at its publications.
The sale comes the same week that the Saputo family announced its intention to sell CF Montreal and hired two banks. Vancouver Whitecaps are also still in the market, with Goldman Sachs leading this process.
Earthquakes ranked 23rd Sportico MLS team valuation at $585 million.
Moelis was the exclusive financial advisor to Earthquakes. Katten, Munchen and Rosenman, along with Skadden, Arps, Slate, Meagher and Flom acted as legal advisors to Earthquakes in connection with the transaction. Sidley Austin was Heath Freeman’s legal advisor.
(This has been updated in the last paragraph with additional companies that worked on the deal.)
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