NWSL’s Portland Thorns Sell for Record $63M

The Portland Thorns have been sold for $63 million, a record price for the acquisition of an NWSL club.

Business moguls Lisa Bhathal Merage and her brother, Alex Bhathal, are buying the Thorns from Merritt Paulson, who has owned the women’s team since its inaugural season in 2013. Paulson is also the founder of the Portland Timbers, which entered MLS in 2011. The Bhathal family is also a minority owner of the NBA’s Sacramento Kings and Sacramento River Cats (the Triple-A affiliate of the San Francisco Giants).

The Bhathals operate RAJ Capital, which was formed in 2016 after the family sold its swimwear business. The Thorns will now fall under the RAJ Sports banner. Paulson will continue to own the Timbers, which were most recently valued at $650 million by Forbes. In December 2022, Paulson announced his intention to sell the Thorns after allegations arose of sexual misconduct by a former coach.

The Thorns will continue to play at Providence Park, which also houses the Timbers, and the Bhathals have committed to supporting the construction of a women’s soccer-specific training facility in Portland. The NWSL’s Kansas City Current, who opened an $18 million training facility in 2022, are set to open a new stadium in March 2024—the first in the U.S. to be purposefully built for women’s professional sports.

By The Numbers

The previous record for NWSL acquisitions was $53 million paid by incoming ownership groups for expansion franchises in Boston and the Bay Area that will begin play this year. The Chicago Red Stars were sold for $35.5 million last year.

Further expansion is planned for 2026, but locations have not been selected and franchise fees have not been announced.