Recent NWSL Team Ownership Sales

Taylor Vincent
Taylor Vincent, Resident NWSL ExpertApril 29, 2024
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Just over a year ago, OL Groupe, the business group that owns French side Olympique Lyonnais men’s and women’s sides, and the Seattle–based then OL Reign, announced that the American sister club would be put up for sale. This is largely due to the fact that Washington Spirit owner Michele Kang was purchasing Lyon’s women’s team from new OL Groupe owner American John Textor and NWSL rules state that owners are not allowed to have a stake in multiple teams. 

The Reign going up for sale made them the third team up for sale during the 2023 NWSL season, joining the Portland Thorns and the Chicago Red Stars, both of which were put up for sale in the fallout from the U.S. Soccer investigation (Yates Report). 

Additionally, in the week ahead of the 2024 NWSL season kicking off, Sportico reported potential ownership changes for both Angel City and San Diego. 

Chicago Red Stars

Sale: $60 million ($35.5mil toward sale, $25.5mil toward investment)

Arnim Whisler was one of the founding owners of the Red Stars back when the Women’s Professional Soccer—a predecessor to the NWSL—was created in 2007. Following the U.S. Soccer investigation led by former attorney general Sally Yates, on October 4th, 2022 Whisler removed himself from the NWSL board of governors, and gave operations control of the club to the executive team. 

This was followed quickly by the Chicago Red Stars board voting to remove Whisler as chairman and, “to transition him out of his board seat immediately with the Chicago Red Stars and to codify his removal from any further participation with either club or board operations.” 

Less than two months later, in early December 2022, Whisler confirmed that he was selling his stake in the team. 

Although players were told that the sale was in its closing stages in April, the sale wasn’t finalized until September 1st, 2023. A group of investors led by Laura Ricketts (co-owner of the Chicago Cubs) paid a total of $60 million toward the sale, with $35.5 million going toward the sale, and $25.5 million earmarked for future investment.

Chicago finished the 2023 NWSL season in last place, but following the ownership change, the hiring of Richard Feuz as general manager, and the hiring head coach Lorne Donaldson in the offseason, the club has hit the ground running during the 2024 season and currently sits in fifth place in the table with only two losses in six games. 

Portland Thorns FC

Sale: $63 million 

The Portland Thorns were established in 2012 ahead of the inaugural season of the NWSL in 2013, under the umbrella of MLS-side Portland Timbers, which Merritt Paulson also owned. Like Whisler, following the release of the Yates Report, Paulson removed himself as CEO of the Portland Thorns and Timbers. On December 1, 2022 Paulson announced he was selling the Thorns, but would maintain ownership of the Timbers and from The Oregonian it was rumored that he was seeking upwards of $60 million for the NWSL-side which had just won its third NWSL Championship. 

Compared to the Chicago sale, the Portland one drew out longer, and the sale wasn’t finalized until January 3, 2024, leaving new ownership with a short runway into the 2024 season. RAJ Sports (Sacramento Kings, AAA baseball club Sacramento Rivercats), led by Lisa Bhathal Merage and Alex Bhathal reportedly purchased the team for $63 million — setting a new NWSL record.

Following the sale, the team struggled in the first few games of the season with three losses and 1 draw in the first four matches of the season. Ahead of week 5 play, it was announced head coach Mike Norris would serve as technical director and assistant coach Rob Gale would become interim head coach as the team conducted a global search for the new head coach. Since the transition, Portland has won their last two matches and moved from bottom of the table to seventh. 

Seattle Reign FC

Sale: $58 million 

Back in 2019, the OL Groupe purchased an 89.5% stake in the Seattle-based NWSL club for $3.125 million. March 18th, it was announced by the OL Groupe that it had signed an agreement with a group that includes MLS team Seattle Sounders and global investment firm Carlyle for the sale of Seattle Reign for a reported $58 million for 100% of the shares. That return is 16x what they purchased the team for, just over four years later. 

The transaction is still not technically closed, pending approval by NWSL and MLS Board of Governors. 

San Diego Wave FC

Sale: $113 million ($35mil for 35% stake, $78mil for 65% stake later)

In 2021, Ron Burkle paid the NWSL an expansion fee of $2 million ahead of the team’s inaugural season in 2022. Since then, the team has set attendance records, became the first expansion team to make it to the playoffs in their inaugural season, and won the NWSL Shield in 2023—in only their second year. 

Ahead of the 2024 season opener, Sportico reported that the team was being sold in a two part deal which would value the Wave at $113 million. Lauren Leichtman and husband Arthur Levine, the founding partners of Levine Leichtman Capital Partners reportedly purchased a 35% stake in the club for $35 million now, with a second part of the deal where the remaining 65% will be sold for $78 million after the 2024 season. 

Angel City FC

Sale: TBD

March 15th, Sportico reported that the board of Angel City FC had hired Moelis & Company, a global investment bank, to explore a sale of the franchise following some reported tension among board members over team governance. 

In a unique team setup, there are four main founders (Alexis Ohanian, Kara Nortman, Natalie Portman, and Julie Uhrman) alongside a number of smaller investors. Although Ohanian is the team’s largest shareholder, he does not control the board, but does serve as the team representative on the NWSL Board of Directors while Julie Uhrman is the acting president. 

Last year, at the highest spot in the league, Sportico valued Angel City FC at $180 million. With San Diego’s sale for roughly $113 million almost doubling the sale value of the Seattle Reign and almost 1.8x the sale value of the Thorns, it will be interesting to see what happens with Angel City in the coming months. 

 

Most Recent Sportico Valuations

As of Oct 4, 2023; Reference Article

Angel City FC: $180 million

San Diego Wave FC: $90 million

Kansas City Current: $75 million

Portland Thorns FC: $65 million

Washington Spirit: $54 million

North Carolina Courage: $52 million

Houston Dash: $50 million

OL Reign: $49 million

NJ/NY Gotham FC: $48 million

Racing Louisville FC: $47 million

Orlando Pride: $45 million

Chicago Red Stars: $40 million


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