What happened: Heath Freeman, co-founder of Alden Global Capital, has acquired ownership of the San Jose Earthquakes from John Fisher for $625 million. Major League Soccer owners approved the transaction on Thursday. The deal transfers control of the Northern California franchise to Freeman.

Why it matters: The $625 million valuation establishes a benchmark for Major League Soccer team sales as franchise valuations continue climbing across North America. San Jose operates its own soccer-specific venue and training facilities, giving incoming ownership established infrastructure. The acquisition closes Fisher's tenure controlling the club as the organization shifts direction.

What to watch: The Earthquakes will begin transitioning executive leadership under Freeman ahead of the upcoming Major League Soccer campaign.