Owner of the San Jose Earthquakes puts team on the market
SAN JOSE, Calif. (AP) — The owner of the San Jose Earthquakes announced Wednesday that he has begun the process of selling the Major League Soccer club.
John Fisher, who also owns baseball's Athletics, acquired the Earthquakes with Lew Wolff in 2007 for a $20 million expansion fee, bringing the team back in 2008 after a two-year hiatus.
'The San Jose Earthquakes and PayPal Park have been an important part of our lives for nearly two decades,' Fisher said in a statement released by the team. 'We are proud of the role the Quakes have played in the growth of soccer throughout Silicon Valley. The Bay Area is a special place, and we're deeply grateful to the fans, players and staff who've been with us on this journey.'
The Earthquakes have hired the New York-based investment firm Moelis & Co. to lead the sale.
The Earthquakes, then known as the San Jose Clash, were a founding member of MLS in 1996. The team won MLS Cup titles in 2001 and 2003.
The Quakes also own and operate PayPal Park, an 18,000-seat stadium which is also the home of the National Women's Soccer League team Bay FC.
'On behalf of Major League Soccer, I want to thank the Fisher family for their longstanding commitment to the Earthquakes and the San Jose community,' MLS Commissioner Don Garber said in a statement. 'Under their leadership, the club invested in world-class facilities like PayPal Park, built a highly respected youth academy and helped grow the game in one of the nation's most dynamic markets.'
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