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5h ago

John Fisher Puts Controlling Stake in San Jose Earthquakes on Market

Moelis & Co. is leading the process to raise capital for John Fisher’s share of the Athletics’ planned $1.75 billion Las Vegas stadium

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May 6, 2023; Santa Clara, California, USA; San Jose Earthquakes and Oakland Athletics owner John Fisher looks towards the pitch after a match against the Los Angeles FC at Levi's Stadium. Mandatory Credit: Darren Yamashita-USA TODAY Sports/File Photo
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Overview

  • Fisher first hired Moelis & Co. in 2021 to explore selling minority shares and now aims to offload a majority interest in the MLS club.
  • The Earthquakes, secured with a $20 million expansion fee in 2007, were valued at $600 million in January, ranking 20th among MLS teams.
  • Last season the club recorded the third-lowest attendance and posted near-bottom league revenue despite Silicon Valley’s affluent market.
  • Proceeds from the sale are expected to help fund Fisher’s portion of the Athletics’ $1.75 billion ballpark on the Las Vegas Strip.
  • MLS ownership activity is rising, with the Vancouver Whitecaps also on the block under a sale process led by Goldman Sachs.