The Haslam Sports Group paid $205 million for the National Women's Soccer League's eighteenth franchise in Columbus, which will begin operations in 2028. The fee is the highest in league history and $40 million above the $165 million committed by Atlanta's expansion group in December.
The Columbus transaction had a second commercial function. League bylaws stipulate that if a subsequent expansion fee exceeds a prior commitment still in escrow, the earlier buyer's full amount becomes guaranteed revenue distributed to existing owners rather than held contingent on attendance or media-rights benchmarks. Atlanta's $165 million now flows into the league's 2025 distribution cycle instead of remaining conditional on the franchise hitting Year Two revenue thresholds. Four owners confirmed the mechanism was activated when Columbus closed.
NWSL clubs received approximately $13.8 million each from the Atlanta guarantee, plus a projected $17.1 million share of the Columbus fee after league operating reserves. Combined, that is $30.9 million per existing franchise before the 2026 media-rights auction begins. The timing matters because CBS Sports and Prime Video's current four-year deal expires in December 2025, and several owners said the expansion windfalls let them commit to roster spending ahead of knowing the new broadcast number. One general manager noted her club green-lit two international signings in March specifically because the Columbus fee made payroll predictable through 2027.
Haslam Sports Group owns the NFL's Cleveland Browns and holds a minority stake in the NBA's Milwaukee Bucks. The Columbus franchise will play at a renovated downtown stadium with 12,500 permanent seats and a naming-rights partner expected by November. Haslam paid 25 percent above Atlanta's fee, which league executives privately interpret as a bet that the 2026 media deal will double per-club distribution. If CBS or a new broadcaster pays $40 million annually for rights—twice the current $20 million—each club's media revenue alone would cover half the cost of expansion within five years. Haslam's calculus assumes that outcome.
The Atlanta franchise, owned by a group led by private-equity executive Michael Egan, begins play in 2027 at a 22,000-seat stadium in the city's Westside district. The club announced 8,400 season-ticket deposits in January. Egan told investors in February that his group modeled break-even at 11,000 average attendance in Year One, a threshold the league has never seen a first-year club miss. Columbus will need similar figures in 2028, though Haslam has not disclosed a break-even target.
The league now has eighteen franchises confirmed through 2028. Commissioner Jessica Berman said in March the NWSL would pause expansion after Columbus to let media-rights negotiations conclude, but added that Nashville and Philadelphia ownership groups have asked for 2029 or 2030 slots if the broadcast number supports twenty teams. Nashville's group is backed by an individual who also holds a minority stake in the NFL's Tennessee Titans. Philadelphia's lead investor runs a family office with prior positions in MLS and WNBA clubs.
Watch two items. First, whether CBS Sports renews or whether Apple, NBC, or Amazon emerges as the lead bidder for rights by September, when the league's exclusive negotiation window with CBS closes. Second, which Columbus hires as general manager and head coach. Haslam interviewed three candidates in March, including a current NWSL assistant and a coach from England's Women's Super League. The franchise plans to announce both roles by July, ahead of the 2028 expansion draft.
The expansion fee also clarifies the league's enterprise valuation. Eighteen franchises at an average of $185 million—splitting the difference between Atlanta and Columbus—imply a league-wide asset base of $3.33 billion before adding media rights, sponsorship inventory, or apparel deals. That figure will appear in several ownership groups' year-end financial statements, which family offices and institutional allocators use to model women's sports exposure. One allocator said his fund now assumes NWSL clubs trade at 1.2x to 1.5x revenue, up from 0.8x two years ago, based solely on Columbus proving the price floor moved.
The takeaway
Columbus's **$205M** fee unlocked Atlanta's **$165M** escrow, giving existing clubs **$30.9M** each before the 2026 media auction starts.
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