SportsSaturday, November 14
The San Jose Earthquakes have a new owner coming: Heath Freeman will buy the club and PayPal Park
The SJtoday team
If you follow the Quakes, the club is changing hands. The team announced Friday that Heath Freeman will acquire it and PayPal Park from John Fisher and Partners, and MLS' Board of Governors unanimously approved the transfer. SFGATE also reported the sale.
Fisher agreed to sell the Quakes he has owned since 2007
- 2007Fisher and Lew Wolff bring the Earthquakes back after a two-year hiatus.
- 2012The Quakes win the Supporters' Shield.
- 2015PayPal Park opens as a privately funded, 18,000-seat stadium.
- Nov. 13The Earthquakes announce Freeman will acquire the club and PayPal Park.
- Nov. 24The Quakes will host Houston Dynamo FC in Game 1 of a best-of-3 series.
The club didn't disclose financial terms. Sources confirmed to The San Francisco Standard that Freeman will pay approximately $625 million. KRON4 noted that Fisher's group also owns the Athletics.
- Closing: expected in the coming weeks
- Freeman's day job: president of Alden Global Capital since 2014
- Ownership: the club says Freeman, not Alden, will own the Quakes
- Also: vice chairman of MNG, which manages the San Jose Mercury News
$625 millionapproximate price Freeman will pay, per sources
The Earthquakes did not disclose financial terms. Fisher and Lew Wolff paid a $20 million expansion fee to reestablish the club.
“Our vision is simple – winning on and off the field for San Jose and the entire region.”
The Quakes finished ninth this season, and according to Spotrac, they haven't had a payroll in the top half of MLS in 10 years.
Sources: The San Francisco Standard, SFGATE, San Jose Earthquakes, KRON4