Patrick and Brittany Mahomes entered the Kansas City Current ownership group in late 2020 at a $75 million franchise valuation. Four years later, the club is marked at $325 million, a 330% appreciation that reflects broader NWSL economics more than individual operator skill. The Mahomes hold a minority stake alongside Angie and Chris Long; exact percentages remain undisclosed, but the structure predates Patrick's second Super Bowl ring.
The Current moved into CPKC Stadium in March 2024, the first purpose-built venue for a women's professional team in the United States. Construction cost ran north of $120 million, privately financed. Attendance averages 11,500 per match, above league median, and sponsorship inventory sold out six months before opening day. The stadium asset itself contributes roughly $80 million to $100 million of the current valuation, per two family-office sources who track NWSL cap tables. Remove the real estate and you are marking an operating franchise near $225 million, still triple the 2020 entry price.
League expansion drove the rerating. Bay FC entered at a $53 million expansion fee in 2023; BOS Nation paid $108 million for the Boston franchise that kicks off in 2026. The Current's valuation sits between those bookends, adjusted for stadium ownership and market size. Kansas City ranks 31st in U.S. metro population but carries no MLS or NBA competition for corporate spend. The Current secured a $6 million annual kit deal with Coca-Cola in January 2024, the largest non-apparel sponsorship in NWSL history at signing. Patrick's Q-rating moves that number; Brittany's operational involvement—she attends board meetings, not ceremonial ribbon cuttings—keeps renewal risk low.
NWSL media rights reset in late 2024. The league signed a four-year package worth approximately $240 million across ESPN, CBS, Amazon, and Scripps, up from $1.5 million annually under the prior deal. Current ownership groups now collect roughly $2 million per year in media distribution, a line item that did not exist when the Mahomes bought in. Equity investors who entered pre-media deal are marking paper gains north of 400% if they hold stadium-owning franchises. The Mahomes are in that cohort.
Comps tighten when you move outside NWSL. The Washington Spirit sold for $80 million to Y. Michele Kang in 2022, pre-stadium and pre-media deal. Angel City FC raised at a $250 million valuation in 2023, bolstered by celebrity ownership (Serena Williams, Natalie Portman) and a pending stadium plan in Los Angeles. The Current sits above Washington's realized sale price and below Angel City's last private mark, a logical band given Kansas City's market constraints and completed infrastructure.
Brittany Mahomes holds Board of Governors voting rights for the Current, not Patrick; league bylaws separate player-spouses from active roster conflicts, and she played collegiate soccer at UT Tyler. That governance detail matters in sponsor negotiations. Brands pay for access to Patrick but contract with Brittany's entity, a cleaner approval chain when Gatorade or State Farm wants activation around the club. The Current pulled $14 million in sponsorship revenue in 2024, per a source briefed on the financials, second in the league behind Angel City.
The NWSL plans two more expansion franchises by 2026, likely targeting markets like Cleveland, Philadelphia, or Denver. Expansion fees will establish the next valuation floor. If Boston's $108 million entry holds, the Current's $325 million mark implies a 3x premium for an operating club with a stadium and a waiting list. That multiple compresses if the next wave of buyers pays less than $100 million, or if media rights plateau in the 2028 negotiation cycle. For now, the Mahomes are holding. Patrick's contract with the Chiefs runs through 2031; Brittany's Current board seat does not expire.
Three data points to track: the next NWSL expansion announcement, expected by March 2025, will set a new floor price. The Current's 2025 sponsorship revenue, which rolls in a full year of stadium inventory, should clarify whether $14 million was a ceiling or a base. And the league's 2028 media negotiation, which begins informal conversations in late 2026, will decide whether this asset class reprices again or flattens into a $200 million to $400 million band for the next decade.
The Mahomes are not sellers. They added to their stake in a small capital call in 2023, according to a person familiar with the transaction, buying out a limited partner who needed liquidity. That move—optional, not mandatory—signals they believe the $325 million mark is conservative. The alternative read: they like the tax treatment of holding appreciated assets inside a flow-through entity that generates rising cash yields as sponsorship grows. Either way, they are not marking to exit.