• Loading stock data...
Wednesday, September 10, 2025
Tuned In is Almost Sold Out! Limited Tickets Remain!

NWSL’s Team Values Are Perhaps the Clearest Sign of League’s Growth

  • The record-setting deal for the Wave signals just how far the league has come.
  • Revenue growth happening across numerous key business areas provides fuel for rising team sales.
Amber Searls-USA TODAY Sports

Former MLB commissioner Bud Selig laid out one of his key performance metrics when he took the role on a permanent basis in 1998, telling team owners, “Look, guys, in the end you can judge me by asset values. Because in the end, that is really the sum total of everything we do.”

That same measure can now be applied to the NWSL and commissioner Jessica Berman (above) on the heels of a record-level franchise sale in San Diego that dramatically resets team values across the league.

The Wave, a third-year franchise, has been acquired by the Levine Leichtman family from billionaire Ron Burkle for $113 million. The two-stage agreement, which could later bring the team value to $120 million, accelerates what has already been a dramatic run-up in team prices in the last two years. Recent deals across the NWSL include:

  • New franchises, including Bay Area FC and a forthcoming team in Boston, that each carried $53 million expansion fees. 
  • Y. Michele Kang’s $35 million acquisition of the Washington Spirit in 2022. 
  • A $35.5 million deal last summer for the Chicago Red Stars led by Cubs and Sky co-owner Laura Ricketts that includes another $25 million to be invested in the club.  
  • A sale in January of the Portland Thorns for $63 million.

Broad-Based Growth

In keeping with Selig’s edict, the underlying reasoning for the NWSL franchise escalation is not hard to understand. In 2023, the NWSL had a groundbreaking season with $240 million in media rights deals, record attendance, and higher national TV streaming viewership, giving women’s team sports unprecedented exposure on broadcast, cable TV, and streaming platforms.

The Wave pact also ties into a broader and historic escalation in popularity and exposure happening across women’s pro sports in North America. 

“As longtime supporters of the women’s game, Arthur [Levine] and Lauren [Leichtman] know well the impact that our league can have in our society, and as savvy investors, understand the opportunities in front of us to continue to grow our league and club businesses,” Berman said.

Meanwhile, the Utah Royals are also returning to the NWSL this season after folding in 2020. The club, as well as MLS counterpart Real Salt Lake, is now controlled by Jazz owner Ryan Smith and David Blitzer, the co-managing partner of the 76ers and Devils. Because of the state of the Royals, Smith and Blitzer are believed to have paid only $2 million to revive the club.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Angel Reese

Unrivaled Adding Two Teams, a Fourth Night of Games per Week

The 3-on-3 league is expanding in its second year.

WNBA Hits 3M Attendance Milestone in Season’s Final Week

The WNBA extended the season to a record 44 games this year.
Connecticut Sun

Connecticut Senators Rip WNBA Handling of Sun Sale

The Senators are urging the league to stay out of the negotiations.
Unrivaled

Unrivaled Hits $340M Valuation, Doubles Revenue Projections

The startup women’s basketball league is rapidly growing after one season.

Featured Today

Sep 7, 2025; Orchard Park, New York, USA; Buffalo Bills fans react during the fourth quarter against the Baltimore Ravens at Highmark Stadium.

As Bills Ascend, Their Next Frontier Lies in Canada

Buffalo and the powerful Canadian entity MLSE come together in a new pact.
opinion
September 9, 2025

The Good, The Bad, and The Ugly from NFL’s Week 1 Broadcasts

Many viewers decried the addition of ads to “NFL RedZone.”
Aug 23, 2025; Tampa, Florida, USA; Buffalo Bills quarterback Josh Allen (17) leads the team onto the field for warm ups before a game against the Tampa Bay Buccaneers at Raymond James Stadium.
September 7, 2025

Slow Burn: The NFL’s Private-Equity Era So Far

Three deals have been struck to date. But the league is bullish.
Tennis
September 5, 2025

The US Open Is Groaning Under the Weight of Its Own Success

New York’s tennis major is more popular than ever.

WNBA Playoff Teams Highlight Gaps in League Ownership

Only two of the five independent teams qualified for the postseason.
Tony Parker
September 9, 2025

Tony Parker, French Team Owner, Says NBA Europe Is Inevitable

Parker didn’t rule out his ASVEL club joining the NBA’s new league.
September 10, 2025

Ryder Cup Boost Hitting This Week’s PGA, European Tour Events

The Procore Championship and BMW PGA Championship are benefiting.
Sponsored

How World Series Champ Dexter Fowler Became a Premier League Team Owner

Dexter Fowler discusses navigating retirement and embracing new roles as an owner & investor.
Indiana Fever guard Caitlin Clark (22), Indiana Fever guard Lexie Hull (10), Indiana Fever assistant coach Karima Christmas-Kelly and Indiana Fever assistant coach Briann January celebrate Friday, Sept. 5, 2025, during a game between the Indiana Fever and the Chicago Sky at Gainbridge Fieldhouse in Indianapolis. The Indiana Fever defeated the Chicago Sky, 97-77.
September 8, 2025

Indiana Fever Clinch Playoff Berth Even Without Caitlin Clark

The Fever will host at least one playoff game.
Sep 7, 2025; Flushing, NY, USA; President Donald Trump prior to the final of mens singles at Billie Jean King National Tennis Center.
September 8, 2025

Ryder Cup to Sort Out Trump Attendance After US Open Delay

The president is planning on attending the Ryder Cup’s opening round.
September 8, 2025

NFL Kickoff Returns Skyrocket After Latest Rule Change

Only 18.6% of kickoffs produced a touchback during the first 15 games of Week 1.
Valkyries
September 5, 2025

Valkyries Are Only Latest WNBA Team To Be Displaced in Playoffs

Several important playoff series have been moved over the years.