The National Women's Soccer League awarded expansion franchises to Atlanta and Columbus on Thursday, reaching 18 clubs ahead of the 2026-27 season. Atlanta enters play in 2026; Columbus follows in 2027. The league now sits at 16 teams for the current cycle, with 18 locked before the next U.S. broadcast rights negotiation opens in late 2026.
Atlanta's ownership group includes private equity principal Matt Cowan and former UBS executive Amon Carter Burton. The franchise fee landed above $55 million, according to two people familiar with the terms, making it the highest disclosed entry price in NWSL history. Columbus Crew ownership—led by the Haslam family and Cleveland Browns chairman Dee Haslam—paid a comparable figure for the 18th slot. Neither group disclosed stadium agreements at announcement, though Atlanta's bid centered on a downtown venue plan near State Farm Arena. Columbus will likely share Lower.com Field with the MLS side, creating shared-facility leverage against rising venue costs.
The timing matters more than the cities. NWSL's current media deal with CBS, ESPN, Amazon, and Scripps runs through the 2027 season at roughly $60 million annually—$3.75 million per team under the current 16-club structure. Adding two franchises before renegotiation dilutes per-team revenue unless the league extracts a step-function increase in rights fees. The bet: 18 teams creates enough inventory and geographic density to command $120 million-plus annually starting in 2028. League sources expect the bidding process to open in Q4 2026, six months after Atlanta kicks off and while Columbus construction updates provide forward schedule clarity.
Atlanta specifically tests whether NWSL can crack premium Sun Belt markets without MLS co-tenancy. Orlando, Kansas City, and Houston entered as MLS companion properties; Atlanta arrives as a standalone women's franchise in a city where Atlanta United already commands 42,000 average attendance. The investor thesis: women's soccer demographics skew younger and more corporate-friendly than MLS, creating a lane for sponsorship dollars that don't compete directly with United's Coca-Cola and Mercedes deals. Atlanta's front office will staff separately, but expect joint sales packages for companies buying reach across both leagues by late 2025.
Columbus, meanwhile, reflects the Haslam family's broader portfolio approach. The family owns the Browns, holds operating stakes in the Crew, and now controls the NWSL expansion rights. The structure allows shared scouting infrastructure, medical staff, and performance analytics across properties—unit economics MLS-only ownership groups can't access. The Crew already operate a $850 million stadium and training complex; adding women's pro soccer spreads fixed costs across more event dates without requiring separate capital deployment. Worth noting: the Haslams explored NWSL entry in Cleveland first but pivoted to Columbus after venue negotiations stalled.
What to watch: Atlanta's stadium announcement will clarify whether the ownership group secured public funding or structured a private arena deal. Expect details before the league's April 2025 competition committee meetings. Columbus will name a general manager by mid-2025, likely poaching from an existing NWSL technical staff as the league's internal talent market tightens. The next franchise fee negotiation—team 19—will test whether Atlanta's $55 million-plus entry price holds or resets higher. League offices expect two more expansion inquiries from groups in Nashville and Philadelphia by summer 2025, though neither market has confirmed venue commitments.
The broadcast rights window opens in 18 months. The league now has the team count and the markets. The valuation gap between $60 million and $120 million is the difference between subsidy and business model.
The takeaway
NWSL hits **18** teams before its next media rights cycle, banking that Atlanta and Columbus inventory pushes annual fees past **$120 million** by 2028.
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