Earthquakes Sale: Fisher Confirms Team Will Be Sold
The San Jose Earthquakes, an MLS team, is officially up for sale! Owner John Fisher has made the decision to part with the franchise, and Moelis & co. will be managing the sale process. The team’s current valuation sits at a cool $600 million. Fisher highlighted the Earthquakes’ notable role in Silicon Valley‘s soccer growth and expressed gratitude to fans. News Directory 3 is closely following the sale. What’s next for the Earthquakes? Discover what’s next …
san Jose Earthquakes MLS Team for Sale by Owner John Fisher
John Fisher, owner of the San jose Earthquakes, is putting the Major League soccer (MLS) club on the market. Fisher has hired Moelis & Co.to manage the sale of the MLS team.
MLS Commissioner Don Garber thanked the Fisher family for their commitment to the earthquakes and the San Jose community. Garber noted the investment in PayPal Park and the growth of a respected youth academy. He said the league looks forward to identifying new ownership to continue growing soccer in the bay Area.
Fisher, whose net worth is estimated at $3 billion, considered selling minority shares in the Earthquakes nearly four years ago, also using Moelis & Co.
Fisher acquired the Earthquakes in 2007 for a $20 million expansion fee. Sportico valued the franchise at $600 million in January, ranking it 20th among MLS teams.
The Earthquakes play at PayPal Park, which also hosts Bay FC of the National Women’s Soccer League (NWSL). Despite low revenue, the team’s value has increased due to the Bay Area‘s demographics and concentration of wealthy individuals.
Fisher said the san Jose Earthquakes and PayPal Park have been an critically important part of their lives for nearly two decades. He added that he is proud of the role the Quakes have played in the growth of soccer throughout Silicon Valley and is grateful to the fans, players, and staff.
The Earthquakes are currently eighth in the Western Conference, following a last-place