Haslam Sports Group paid $205 million for the NWSL's 18th franchise in Columbus, clearing not just the league's highest expansion fee but securing Atlanta's $165 million commitment in the process. The Columbus deal closed five weeks after Boston Legacy FC and Denver Summit FC kicked off as the league's 15th and 16th teams. Atlanta begins play in 2026. Columbus follows in 2028.
The payment structure matters. The $205 million figure sits 24 percent above Atlanta's number, and existing owners had structured Atlanta's deal with clauses tied to subsequent franchise sales. If a new team entered above Atlanta's price within a specified window, Atlanta's full fee would be guaranteed without renegotiation. Columbus triggered that clause. The league now banks $370 million across two expansion tranches without litigation risk. The Edwards family joins Haslam Sports Group as minority partners in the Columbus bid. Haslam Sports Group owns the Cleveland Browns and Columbus Crew.
Three implications. First, sponsor renewal conversations now anchor to an $11.4 million average valuation per existing franchise, assuming even distribution of expansion fees. Nike's kit deal expires after the 2025 season. Procter & Gamble's founding partnership renews in 2026. Both negotiations will reference this floor. Second, minority stake sellers in existing clubs—Kansas City, Houston, and Washington have all fielded inquiries this year—can now point to a $205 million comp when pricing secondary transactions. The Portland Thorns' 2022 minority sale at an implied $63 million valuation is no longer relevant. Third, operating budgets shift. The Columbus team begins construction on a 12,000-seat stadium adjacent to Lower.com Field. Boston and Denver opened with temporary venue agreements. Columbus's infrastructure spend pressures both clubs to announce permanent stadium plans before their second seasons.
The timeline compresses. The league's 19th and 20th franchise slots remain open. Commissioner Jessica Berman said in March the league would cap at 18 teams through 2028, but the Columbus close came faster than internal projections. Cincinnati, Phoenix, and Tampa have active bid groups. The league office now expects at least two more formal presentations before the end of Q3 2025. Cincinnati's group includes FC Cincinnati owner Carl Lindner III, who declined to bid when Columbus was open, citing geographic proximity concerns. Those concerns are now priced into the market: Cincinnati would need to clear $220 million to signal separation from Columbus's number.
Watch the stadium announcements. Boston plays at White Stadium in Franklin Park. Denver uses Dick's Sporting Goods Park. Both clubs have lease agreements through 2026 with options, but neither has broken ground on dedicated facilities. Columbus's stadium timeline—groundbreaking in Q4 2025, completion before the 2028 season—sets the operational standard. Sponsor inventory also moves. Haslam Sports Group controls jersey, sleeve, and stadium naming rights. The Browns' FirstEnergy Stadium deal runs through 2029. The Crew's Lower.com partnership extends through 2031. Columbus NWSL's naming rights will likely package with one of those renewals or split into a separate deal before the team's inaugural match.
The Edwards family's participation carries salary cap implications. John Edwards co-founded New Mountain Capital and serves on the NCAA Division I Board of Directors. His involvement suggests the Columbus ownership group will push for roster spending flexibility, particularly around allocation money and designated player slots. The league's current salary cap sits at $3.3 million per team with no individual player maximum. That structure changes if three more teams enter at or above $200 million. Investor calls shift from "how fast can the league grow" to "how soon does the CBA reopen."
The NWSL added four teams in 20 months. Bay FC began play in 2024 at a $53 million fee. Boston and Denver each paid $108 million to start in 2025. Atlanta committed $165 million for 2026. Columbus just cleared $205 million for 2028. The compounding rate is 287 percent from Bay FC to Columbus. The league's enterprise value, calculated as average franchise value times number of teams, now exceeds $2 billion for the first time. That figure appears in the next round of media rights negotiations. The current deal with CBS and ESPN runs through 2027. Preliminary conversations begin in Q1 2026.
The takeaway
Columbus's $205M clears Atlanta's $165M via contractual trigger, resets sponsor comps, and compresses the timeline for franchise slots 19 and 20.
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