San Jose Earthquakes Up for Sale
The owner of the San Jose Earthquakes, John Fisher, announced on Wednesday that the Major League Soccer (MLS) team is officially up for sale, with investment bank Moelis & Co. enlisted to manage the sale process.
“We extend our gratitude to the Fisher family for their enduring dedication to both the Earthquakes and the greater San Jose area,” stated MLS commissioner Don Garber.
He highlighted the significant contributions the club has made under Fisher’s guidance, including the development of top-tier facilities like PayPal Park and a reputable youth academy that has contributed to the sport’s growth in the vibrant Bay Area.
Fisher’s Background with the Team
Fisher’s decision comes nearly four years following his initial engagement with Moelis, which involved exploring the option of selling minority stakes in the club. Fisher, whose net worth is estimated by Forbes at $3 billion, originally acquired the Earthquakes in 2007 by paying a $20 million expansion fee. According to a rating by Sportico, the team’s estimated market value as of this January stands at $600 million, making it the 20th ranked franchise in MLS.
PayPal Park, the team’s dedicated stadium, also serves as the home field for the National Women’s Soccer League’s Bay FC. Despite challenges such as last year’s attendance ranking as the third lowest in the MLS and limited revenue streams, the team’s valuation has benefited from the affluent demographics of the Bay Area.
Fisher’s Sentiment and Future Prospects
“The San Jose Earthquakes and PayPal Park have been a cornerstone of our lives for nearly two decades. We take pride in how the Quakes have contributed to soccer’s evolution in Silicon Valley. The Bay Area is unique, and we are extremely thankful for the support from our fans, players, and staff throughout this journey.”
Presently, the Earthquakes sit in eighth place out of 15 teams in the Western Conference, recovering from a tough concluding season. Fisher’s announcement comes amid broader shifts in MLS, as other franchises, including the Vancouver Whitecaps, are also exploring sales, with Goldman Sachs hired to facilitate that process.
Fisher’s Broader Business Ventures
Beyond soccer, Fisher manages significant stakes in the Oakland Athletics, a Major League Baseball team, which currently is in transition, playing at Sutter Health Park as they prepare for a new $1.75 billion stadium in Las Vegas. To finance the ballpark’s construction, he has engaged Galatioto Sports Partners to secure over $500 million by selling limited partner stakes, as Clark County contributes an additional $350 million.
