The NWSL awarded its Columbus franchise to the Haslam family for $205 million, the second expansion fee above $190 million in six months. The Bay Area FC deal closed at $195 million in September. The league now operates with an implicit floor: if you want a team, you pay north of nine figures.
The Columbus transaction values NWSL entry at roughly 3.4x the 2023 median MLS expansion fee of $60 million and 68% higher than the $122 million Boston paid for BOS Nation FC in January 2024. The Haslams—who also own the NFL's Cleveland Browns and a share of the NBA's Milwaukee Bucks—beat three other bidders, according to filings reviewed by *The Athletic*. The fee eclipses the $113 million average for the prior four expansion awards and resets the cost curve for future markets.
Two consecutive prices above $190 million are not accidents; they are policy. Commissioner Jessica Berman has publicly stated the league will add no more than two teams before 2027, creating scarcity by design. The Columbus franchise begins play in 2026, joining Bay Area FC in the 16-team league. The next expansion window opens post-2027, by which time media rights are expected to reset. The current deal with CBS and ESPN runs through 2027 at an undisclosed annual value estimated by Sportico at $35 million to $45 million, or roughly 1/100th of the NBA's per-team media allocation. The gap explains why ownership groups are betting on multiple compression: if NWSL rights reach even 20% of NBA per-team value by 2030, a $205 million basis becomes defensible.
The Haslams bring stadium infrastructure the league has historically lacked. Columbus will play in a renovated downtown venue seating 12,000 to 15,000, per early renderings shared with the Columbus Dispatch. That capacity sits between Portland's Providence Park (25,218) and the league median of roughly 8,500. The Haslams also control Historic Crew Stadium, the 20,000-seat former MLS Columbus Crew venue, giving the franchise optionality if demand warrants. The family's portfolio now includes three North American major-league franchises, positioning them to bundle sponsorship inventory across NFL, NBA, and NWSL audiences—a pitch Anheuser-Busch and PepsiCo have historically rewarded with premium CPMs.
The valuation reset affects incumbent owners immediately. Teams purchased for $2 million (Utah Royals, 2017) or $3.5 million (Angel City FC's original basis before a $100 million recapitalization) now sit on marked-to-market balance sheets showing 60x to 100x paper gains. That creates exit liquidity for early backers and raises the cost basis for institutional buyers. The Portland Thorns were rumored to be exploring a minority sale at a $180 million valuation in late 2023; the Columbus price suggests that number is now stale by 15% to 20%.
Berman has said the league is evaluating Cleveland, Philadelphia, and Nashville for future expansion. None of those markets will enter below the Columbus benchmark. The league's 2026 media rights negotiation begins in earnest by mid-2025, giving bidders 18 months to model audience growth before the 2027 contract expires. Apple, Amazon, and Warner Bros. Discovery have all been named in early conversations, per *Sports Business Journal*. If any of those deals land north of $100 million annually—still a fraction of MLS's $250 million Apple deal—the $205 million entry fee starts to look like basis, not ceiling.
The Haslams' Columbus franchise debuts in February 2026. Coaching and front-office hires are expected by Q2 2025, giving the organization 10 months to build a roster under the league's $3.1 million salary cap. Bay Area FC, the other recent expansion team, has already signed eight players and hired Albertin Montoya as head coach, setting a operational tempo Columbus will need to match.
The league now has 16 teams, two consecutive $190M+ fees, and a media rights negotiation opening inside 12 months. The next franchise price is already being underwritten.
The takeaway
NWSL expansion fees hit $205M twice in six months, turning nine-figure entry into the new standard and forcing 2027+ markets to underwrite steeper basis.
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